$240 Mln Grants for “Ukrenergo” Through the World Bank

by Meifan Honcharuk
Saturday, July 22, 2023
$240 Mln Grants for “Ukrenergo” Through the World Bank

The funds will be used to strengthen the energy sustainability of Ukraine

On July 18, the World Bank and the Ministries of energy and finance signed 2 agreements for $240 million to provide grants to the state power transmission system Ukrenergo. Funding is provided by several of Ukraine's international partners.

Under the 1st agreement, Germany provides Ukraine with gratuitous assistance for purchasing and implementing STATCOM power system stabilisers. Installing these devices is one of the ENTSO-E conditions for integrating Ukraine within the network.

Under the 2nd agreement, Ukraine can purchase the necessary equipment to ensure high-voltage power systems' uninterrupted and stable operation. What is especially important against the fact that Russian missiles and drones have destroyed more than half of the energy centres in Ukraine.

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