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The European Bank for Reconstruction and Development (the EBRD) and the State Export-Import Bank of Ukraine (the JSC Ukreximbank) sign Loan Agreement to jointly promote energy efficiency in Ukraine. 

USD 50 million 7 year (with 2 year gratis period) Loan Agreement was signed in Kyiv today by Ukreximbank Chairman of the Board Viktor Kapustin and EBRD Ukraine Director Kamen Zahariev. 

The project is the first ever EBRD cooperation with major state-owned bank in Ukraine – the JSC Ukreximbank.
 
The main purpose of the programme is to finance mid- and long-term energy efficiency projects by Ukrainian enterprises to reduce energy intensity, which is over three times that of the average for the European Union. 

The transaction is implemented under a EUR 100 million EBRD framework to work with financial institutions on energy efficiency and renewable energy projects in Ukraine. 

The programme is rather focused on energy consumption than energy production with high emphasis on environmental protection. 

Thorough selection of potential borrowers will ensure high quality of the loan book under the programme.
Consultancy by European experts is an important component of the project aimed to ensure implementation of advanced experience in energy efficiency and industrial energy consumption. A project consultant, funded by the Swedish government, is responsible for project screening, marketing and an information campaign. Energy efficiency experts, funded by the Austrian Federal Ministry of Finance, are assisting potential sub-borrowers to identify specific energy efficiency measures, prepare rational energy utilisation plans and assist in preparing loan applications. 

According to Ukreximbank Chairman of the Board Viktor Kapustin „successful implementation of joint project by EBRD and Ukreximbank will encourage production efficiency of Ukrainian enterprises. It will contribute to reduction of intensive energy consumption and to easing dependence on energy suppliers. Long-term financing will facilitate introduction of comprehensive and complicated projects and enable modernization of capital assets. This gains particular importance in view of rising energy prices in Ukraine”.