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Ukraine : EIB, WORLD BANK signed deal to facilitate gas procurement in UKRAINE
Publish Date : 13-Oct-2015
The European Investment Bank (EIB) has inked a deal with the World Bank to facilitate the procurement of gas by the Naftogaz Ukrainian gas company.
The deal will see the EIB guarantee up to $520 million of World Bank loans in Ukraine, in order to facilitate gas purchases by the Naftogaz Ukrainian gas company.
EIB President Werner Hoyer said, "European and global institutions are committed to helping Ukraine avert a potentially severe energy crisis as winter approaches. The guarantee agreement we signed today will facilitate Ukraines purchase of gas at a critical time."
The funds committed by the EIB will allow the World Bank to guarantee letter of credit facilities for Naftogaz gas purchases.
The European Union facilitated, the deal, inked by Hoyer and World Bank Group President Jim Yong Kim, who said, "The new agreement is part of our broad support to the restructuring of the gas sector in Ukraine and it will contribute to adequate gas supplies for the next three years."
