First Deputy Prime Minister of Ukraine – Minister of Energy Denys Shmyhal met with European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso in Kyiv to discuss priorities for further cooperation.

“I am pleased to welcome Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, to Kyiv, especially as Russia intensifies its attacks on our cities. We greatly value our partnership. We discussed priorities for further cooperation,” Denys Shmyhal noted.

Ukraine and the EBRD are currently implementing 13 projects in the energy sector. They cover virtually the entire energy value chain, from gas production and supply to electricity generation and transmission, as well as projects in hydropower and renewable energy. The total portfolio is worth more than EUR 3 billion.

The meeting also addressed the financial sustainability of Ukraine’s electricity sector. In particular, Ukrainian energy companies require EUR 600 million in financing to stabilise the balancing market. “We greatly value the EBRD’s involvement in this process and count on the Bank’s support for this reform,” the Head of the Ministry of Energy noted.

The parties also coordinated further efforts to mobilise additional contributions for the restoration of the New Safe Confinement at the Chornobyl Nuclear Power Plant ahead of the Donor Conference scheduled to take place in Paris in November.

“We will continue working together to strengthen the resilience of Ukraine’s energy sector and create the conditions for its recovery and modernisation,” the First Deputy Prime Minister of Ukraine – Minister of Energy concluded.