World Bank grants Ukraine loan for energy efficiency projects

09:38, May 19, 2011      

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The World Bank has allocated 200 million U.S.dollars loan to Ukraine for the energy efficiency projects development, local media reported Wednesday.

According to Ukrainian Ukrinform news agency, the state-run bank Ukreximbank will be the borrower. It will conduct the funds. It can make direct project financing, or share the money with other Ukrainian banks that will lend directly industrial and municipal energy efficiency projects.

Six categories of investment subprojects will receive the money given by the World Bank. The modernization of inefficient and outdated equipment and installation of highly energy-efficient industrial equipment are the priority areas to be granted.

The improvement of industrial systems, reducing energy losses in the enterprises of the municipal sector, reducing energy loss in homes will also be financed.

The project aims to help Ukraine to reduce energy intensity by 20 percent by 2015 and by half till 2030. It will also help to diminish Ukraine's dependence on imported gas and to mitigate the risks associated with energy supply security and energy costs reduce.

The maturity date of the loan is almost 30 years.

Now Ukraine has financial obligations to the World Bank amounting to about 7 billion dollars. The organizations held 38 financial transactions.

Source: Xinhua
 
 
     
 
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