URC2023: Ukraine will receive $1.75B from the WB, €600M from the EBRD, and £62M from Britain for the newly created Energy Fund.

Ukraine and the World Bank signed a new agreement on ways to attract $500M in credit financing under Britain’s guarantee. According to the head of the Ukrainian government, Denys Shmyhal, the funds will be used for rescuer and teacher salaries, social benefits, and payment of medical services under the medical guarantee program.

Also, through the WB Ukraine will receive a $1.25B grant from the US and a $15M grant from Finland.

In addition, the EBRD will provide €600M in support for the Ukrainian energy industry this year. Memoranda have been signed with Ukrhydroenergo, Ukrenergo, and Naftogaz, who are the recipients of the funds.

Also, London, Ukraine, and Great Britain have agreed to create a new Challenge Fund for green innovation, InnovateUkraine, with a budget of £62M. The funds will go to energy innovation projects that will accelerate the reconstruction of the Ukrainian energy infrastructure.