Naftogaz received a record 500 million euros from the EBRD: what the funds will be used for

The National Joint Stock Company 'Naftogaz of Ukraine' has signed an agreement with the European Bank for Reconstruction and Development to receive a loan of 500 million euros. This agreement has become the largest in the bank's history in Ukraine and one of the largest overall. The money will be used to purchase imported natural gas. Energy Minister Svitlana Gronchuk noted that this loan is the first of its kind, guaranteed by the European Union under the UIF Hi-Bar program, without a state guarantee from Ukraine. This indicates a high level of trust in the country and the effectiveness of reforms. The importance of energy security and complete energy independence is defined as a strategic priority. According to the energy minister, 'Naftogaz of Ukraine' will purchase gas on competitive terms from more than 30 European suppliers under standard EFET contracts. This will help increase transparency and efficiency in the European energy market, ensure competition, and reliable energy supply. Brief summary: Naftogaz of Ukraine has signed an agreement with the EBRD for a loan of 500 million euros, which will be used to purchase imported natural gas. This agreement is unprecedented for Ukraine and indicates a high level of trust from the European Union in the country and the effectiveness of the reforms carried out in the energy sector.