US Contributes US$25 Million to Ukrainian Energy Support Fund

Tuesday, 28 November 2023

The United States Agency for International Development (USAID) and the Energy Community Secretariat have signed an agreement on the US grant contribution to the Ukrainian Energy Support Fund for US$25 million (€23 million).

Ukraine's Ministry of Energy noted that this is the first US government’s contribution to the Fund, which was established following the initiative of Ukraine’s Energy Minister Herman Halushchenko and European Commissioner for Energy Kadri Simson.

Thus, the total amount pledged by donors’ contributions to the Ukrainian Energy Support Fund reached over €329 million.

About €192 million of this amount was actually transferred to the Fund's account from 15 public and private sector sponsors from different countries. The rest of the amount is the announced and formalised contributions, which are expected to be in the Fund's account in the near future.

"The funds will be used to purchase equipment needed to rehabilitate energy companies.

In particular, between 1 January and 27 November 2023, 132 agreements for the purchase of energy equipment, fuel and materials totalling almost €100 million were concluded within the framework of the Fund," the statement reads.

The ministry also emphasised that the Ukrainian Energy Support Fund was created in the spring of 2022 and that it enables governments, international financial organisations, and private donors to provide substantial support to the Ukrainian energy sector.

Earlier, Germany announced 300 million euros in assistance to Ukraine in the energy sector.

In addition, Denmark will transfer 7 million euros to the Fund for the Support of Ukraine's Energy, planned to be used for purchasing equipment to restore the energy infrastructure damaged by Russian attacks.

If you notice an error, select the required text and press Ctrl + Enter to report it to the editors.