The World Bank will consider providing EUR 300 million to Ukraine for improving energy efficiency, First Deputy Prime Minister, Minister of Economy Yulia Svyrydenko has said. “The good news is that on December 17, the World Bank Board will consider providing EUR 300 million for Ukraine within the framework of the second tranche under the Second Economic Recovery Development Policy Loan for Ukraine. These funds will be used primarily to finance the presidential project Energy Independence,” Svyrydenko wrote on her Facebook page.
The large-scale program of thermal modernization of housing is designed to significantly reduce the energy consumption of Ukrainians and, accordingly, reduce energy costs. Program participants will be able to reduce energy consumption and utility bills by 60%. Already in 2022, it is planned to cover up to 5,000 apartment buildings throughout the country.
The minister of economy also said that at the meeting with World Bank Regional Country Director for Eastern Europe (Belarus, Moldova and Ukraine) Arup Banerji key issues of deepening the partnership were discussed.
“We are jointly preparing a systemic document on the areas of cooperation. This is Partnership Strategy for 2022-2026. The focus is on the economic development of Ukraine, macro-financial sustainability, the introduction of e-governance and digitalization, the expansion of export markets and the strengthening of the competitiveness of Ukrainian green technologies,” Svyrydenko said.
It is also expected that the World Bank will implement investment projects in the fields of mechanical engineering, energy, information technology, agriculture and construction.
As the minister of economy said, an important area of cooperation is increasing the competitiveness of foreign trade. The Ministry of Economy is working to legislatively strengthen and improve the efficiency of the Export Credit Agency (ECA). The institution’s activities should contribute to increasing the presence of Ukrainian exporters in foreign markets.
Another priority, according to the minister, is the expansion of public-private partnerships and the overall improvement of the business climate. Cooperation with the World Bank is important for Ukraine not only due to financial support of important projects, but also as expert assistance in the implementation of reforms. Strengthening national economic institutions is the way to strengthen the Ukrainian economy, she said.
