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EBRD and Norway continue to support energy security in Ukraine

By Lucia Sconosciuto

Читати українською

  • Norway provides NOK 1.5 billion (about €130 million) in grants to support EBRD operations in Ukraine
  • Funding to reinforce energy security in the country
  • Strong cooperation between the EBRD and Norway

The European Bank for Reconstruction and Development (EBRD) and the government of Norway are working together to support Ukraine and its people during the current war and beyond.

During the EBRD Annual Meeting and Business Forum taking place in Uzbekistan, Norway, a founding member of the EBRD and a strong strategic partner, announced it would be providing NOK 1.5 billion (about €130 million) to support the Bank’s operations to reinforce energy security in Ukraine.

This most recent grant follows on from the NOK 2 billion (€195 million equivalent) in grants that Norway provided in November 2022 to help Ukraine’s state-owned energy utility Naftogaz buy critical gas to secure heating and electricity for households and businesses.

To ensure Ukrainian people and businesses continue to receive vital energy supplies, the Bank has been focusing on providing working capital and grants to Naftogaz and the other leading state-owned energy company Ukrenergo.

The EBRD strongly condemned the Russian invasion of Ukraine from the start, and had an immediate and wide-ranging response, channelling finance and assistance where needed most. The Bank continued to disburse funds to clients and support trade finance, energy security, vital infrastructure and liquidity to municipalities, food security and the private sector.

Norway joins a number of donors that have responded through the EBRD to the financial and technical support needs brought about by the war on Ukraine. So far some €1.5 billion has been generously made available to keep the Ukrainian economy going.

The EBRD is supporting Ukraine and its real economy at a time when the country needs it most. The Bank has committed to providing €3 billion of financing over 2022 and 2023 in partnership with international donors to help keep Ukraine’s businesses and economy functioning. In 2022 the EBRD deployed €1.7 billion in support of Ukraine. It also mobilised €200 million directly from partner financial institutions. The Bank has been operating in Ukraine for more than three decades and is the largest institutional investor in the country.


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