World Bank pledges $240 mln to improve reliability of Ukraine's energy system

MOSCOW. July 19 (Interfax) - Ukrenergo and the Ukrainian energy and finance ministries have signed two agreements with the World Bank for a total of $240 million in donor funding to improve the reliability of the country's energy system, Ukrainian media said, quoting Ukrenergo CEO Vladimir Kudritsky.

"Nearly $240 million - another meaningful contribution from our international partners to ensure our stable connection to the European grid and rehabilitation of high-voltage substations," Kudritsky said on social media.

The first agreement provides Ukrenergo with donor funding from the German government, which will be used to purchase and install special devices to improve the energy system's stability.

The second concerns assistance to Ukrenergo to buy special equipment, autotransformers and other high-voltage equipment.

Ukrenergo owns and operates Ukraine's national grid. The state owns all the shares via the Energy Ministry.