Italy to provide grant of up to 10 mln euros via EBRD for higher liquidity of Urkenergo

MOSCOW. May 3 (Interfax) - The Italian government will provide a grant of up to 10 million euros via the European Bank for Reconstruction and Development to support liquidity of Ukrenergo and repairs.

"Italy, a member, founder and strategic partner of the EBRD, has signed an agreement on the provision of grants of up to 10 million euros to support bank operations in Ukraine, including support for the Ukrenergo electricity transmission system operator," the Ukrainian media said on Tuesday with the reference to the bank website.

According to the report, the Italian funding can provide Ukrenergo's liquidity and support urgent repairs.

As reported with the reference to EBRD President Odile Renaud-Basso, the bank increased investment in projects in Ukraine to 1.7 billion euros in 2022, compared to about 1 billion euros in the previous year. Ukrainian Prime Minister Denis Shmygal said in late April that the tentatively planned portfolio of EBRD support for Ukraine would amount to 1.5 billion euros in 2023. He said the money would support public and private sectors, including small and medium businesses, finance road construction projects, boost cooperation with cities and communities, and assist the energy sector.