Germany Allocates €45 Million to Restore Ukraine’s Energy Sector

by Roman Cheplyk
Friday, May 10, 2024
Germany Allocates €45 Million to Restore Ukraine’s Energy Sector

Germany has committed 45 million euros to aid Ukraine in repairing its energy infrastructure damaged by Russian military attacks

The announcement comes from the Ukrainian Ministry of Energy following the signing of a grant agreement during a meeting between Ukrainian Energy Minister Herman Galushchenko and German Federal Minister of Economic Cooperation and Development, Svenya Schulze.

The agreement, signed at the Ukrainian Ministry of Energy, involves NEC "Ukrenergo" and the German Development Bank KfW. The funds are earmarked for the "Improving the Efficiency of Electricity Transmission" project and will focus on various initiatives aimed at restoring and enhancing the resilience of Ukraine's energy transmission systems against ongoing assaults.

The grant will facilitate the energy-efficient modernization, automation, and reconstruction of substations operated by NEC "Ukrenergo." Minister Galushchenko expressed gratitude for the support from Germany, noting the importance of flexible funding that allows for urgent and varied applications in the energy sector.

The support extends beyond financial assistance, reflecting a strong political backing from Germany, which has been instrumental in helping Ukraine manage and recuperate from the extensive damage to its critical energy infrastructure. Since the onset of the conflict, NEC "Ukrenergo" has garnered over 177 million euros in loans and grants for these purposes, significantly bolstered by the German Development Bank KfW's contributions.

Minister Schulze reiterated Germany's commitment to supporting Ukraine in its resistance against Russian aggression, underscoring the importance of international solidarity in thwarting Moscow's objectives.

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