World Bank announces $200 million for Ukraine to restore energy facilities
Over 50% of the country's energy infrastructure was damaged by shelling in the fall and winter.
The World Bank announced on Wednesday that it will provide $200 million to finance a project to restore Ukraine's energy infrastructure.
The funds will come from the Ukraine Relief, Recovery and Reform Facility (URTF), established by the World Bank to support the Ukrainian government, provide public services and assist Ukraine, the BBC reports.
In addition to the World Bank, the governments of Austria, Canada, Iceland, Japan, Lithuania, the Netherlands, Norway, Sweden, and Switzerland contribute to the fund.
The project provides for emergency repairs of power supply networks and heating plants, including the purchase and installation of new transformers and other electrical equipment, as well as mobile boiler stations.
Over the autumn and winter period, shelling damaged more than 50% of the country's energy infrastructure, causing millions of Ukrainians to face interruptions in electricity, heating and even water supply.
Power grids in Kharkiv, Donetsk, Kherson and Zaporizhzhia regions near the frontline were particularly affected.
"Repairing the energy infrastructure is a key investment that Ukraine needs today," said Antonella Bassani, World Bank Vice President, "It is vital to both rebuilding the country and getting the economy back on track. To date, the World Bank has raised over $23 billion in emergency financing for Ukraine, including funds pledged by international donors.
If you have read this article to the end, we hope that means it was useful for you.
We work to ensure that our journalistic and analytical work is of high quality, and we strive to perform it as competently as possible. This also requires financial independence. Support us for only UAH 196 per month.
Become a Mind subscriber for just USD 5 per month and support the development of independent business journalism!
You can unsubscribe at any time in your LIQPAY account or by sending us an email: [email protected]
