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Espreso Global aid to Ukraine German bank KfW to provide €24 million for restoration of Ukraine's energy sector

German bank KfW to provide €24 million for restoration of Ukraine's energy sector

29 December, 2023 Friday

18:45

On December 29, Ukraine's Minister of Finance Serhii Marchenko signed a guarantee agreement with the German bank KfW, which envisages the provision of EUR 24 million in loans to Ukraine

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This was reported by the press service of Ukraine's Ministry of Finance.

These funds will be used to restore the energy infrastructure, namely the Ukrenergo substation, which has suffered significant damage as a result of Russian shelling.

"Since the beginning of Russia's full-scale armed aggression, Ukraine has faced serious challenges. However, active cooperation with international partners, in particular Germany and KfW, helped to support the functioning of state institutions, restore the energy sector, maintain liquidity for SMEs and other social projects. Thanks to the implementation of joint initiatives with KfW, since February 2022, about EUR 133 million of loans and grants have been attracted to restore Ukrainian substations," Marchenko said.

It is noted that the current portfolio of KfW's existing projects in Ukraine is the largest for all the years of cooperation.

On December 7, the Ministry of Reintegration, the German bank KfW and the Ukrainian Social Investment Fund signed a grant agreement for €24.2 million. These funds will be used to create energy-efficient housing for IDPs.

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