State-owned UGB (“Ukrgasbank”) and “PrivatBank” became the first two banks in Ukraine to join the Energy Security Support Fund of the European Bank for Reconstruction and Development (EBRD).
This was reported by the EBRD press service.
EBRD will partially cover the risks of “PrivatBank” and “Ukrgasbank” under subloans totaling €700 million for investments in decentralized energy generation, energy storage and measures to improve energy efficiency.
“Ukrgasbank” will receive a €150 million loan for portfolio risk distribution, and “PrivatBank” will receive a €175 million loan to finance energy security projects in Ukraine.
Ukrainian enterprises, state organizations, utility companies, as well as households will be able to receive loans within the framework of this program.
“PrivatBank” notes that the EBRD will cover up to 50% of the “PrivatBank” credit risk for each loan within the portfolio of new loans issued to private borrowers, for a total amount of €400 million.