World Bank Supports Ukraine’s Energy Sector with 70 Million Dollars

The World Bank has announced the provision of financial assistance to Ukraine amounting to 70 million dollars, aimed at supporting the stability of the Ukrainian energy system in combating the consequences of Russian shelling. The funds are designated for the purchase of energy storage systems, which are critically important for ensuring energy independence and enhancing the country’s resilience.

This is reported by AgroReview

Key Objectives of the Support Program for Ukrainian Energy

The signing of the relevant agreement took place on Friday, April 25, in Washington, with the participation of World Bank Managing Director Anna Bjerde and Ukrainian Prime Minister Denys Shmyhal. The document was signed in the presence of the Ukrainian Prime Minister, who announced this on his Facebook page.

According to Shmyhal, the funds received will be used by the company “Ukrhydroenergo” to acquire modern electricity storage systems. This will create an additional reserve of electricity, which is critical for ensuring the uninterrupted operation of energy networks and countering energy challenges caused by Russian aggression.

Significance of Support for Ukrainian Energy

“We thank the World Bank and all partners for supporting Ukraine’s energy sector, which has suffered significant damage due to Russian attacks”

– noted the Ukrainian Prime Minister in his comment.

It was previously reported that the European Union has additionally provided Ukraine with 1 billion dollars obtained from frozen Russian assets. These funds will be used to support the state budget. Additionally, the EU has received another 2.1 billion euros in profits from these assets, which will also be transferred to Ukraine as part of financial assistance. Five new agreements have also been signed between the European Union and Ukraine, which foresee investments in the country’s recovery and economic development.