Naftohaz Ukrayiny and the European Bank for Reconstruction and Development (EBRD) have signed an agreement on a 500m-euro revolving loan. The funds will be used to finance the purchase of natural gas. This is reported by Dengi.ua with reference to press service of Naftohaz Ukrayiny.
It is noted that this is the largest project that the EBRD has ever signed in Ukraine and one of the largest in the history of the bank as a whole.
For the first time the loan is guaranteed by the European Union under the UIF Hi-Bar program, which does not require a state guarantee of Ukraine.
"Our financing supports Ukraine's energy security - a key priority for our investments in the country - and will help provide Ukrainians with heat and power this winter and beyond," commented EBRD Managing Director for Ukraine and Moldova Arvid Turkner.
Naftogaz Group will purchase gas on competitive terms from more than 30 pre-qualified suppliers on the basis of contracts concluded in accordance with the standards of the European Federation of Energy Traders (EFET) - an organization that unites more than 120 European companies.
