EBRD lends €270 million to Naftogaz for Ukraine energy security
The European Bank for Reconstruction and Development (EBRD) has granted Ukraine’s state-owned gas company Naftogaz a loan of €270 million, the bank announced on 25 April.
The EBRD investment will finance emergency gas purchases for the next two heating seasons.
Norway is complementing the sovereign-guaranteed loan with a €139 million grant, funded through the EBRD Crisis Response Special Fund.
“The situation in Ukraine remains fluid and may require Naftogaz, as Ukraine’s supplier of last resort, to quickly procure more critical gas imports. The exact timing and volumes will depend on the length and intensity of the war, among other factors,” says a press release by EBRD.
Since Russia invaded in 2022, the EBRD has invested over €2 billion in Ukraine’s energy sector, helping to ensure vital energy provision for millions of people and businesses, both through state-owned companies such as Naftogaz and private companies, despite months of targeted Russian attacks on energy infrastructure.
The latest agreement lifts EBRD finance for Naftogaz to €770 million from 2022.
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