Ukraine and the World Bank step up cooperation in restoring and reforming the energy sector

Minister of Energy of Ukraine Svitlana Grynchuk met with the World Bank's Regional Director for Eastern Europe, Bob Sohm, to discuss key areas of restoration and development of the Ukrainian energy sector.

The talks focused on restoring and protecting energy infrastructure, creating equipment reserves for operational repairs, developing the scientific potential of the Chornobyl NPP, and implementing current and new energy projects.

"Cooperation with the World Bank is extremely important for the rehabilitation of the Ukrainian energy sector and its modernization in line with European standards. Joint projects are aimed at strengthening the resilience of the energy system, protecting infrastructure from attacks, and developing renewable energy sources. We highly appreciate the support of the World Bank, which allows us to respond quickly to challenges and move towards a sustainable energy future," said Svitlana Grynchuk, Minister of Energy of Ukraine.

The parties agreed to intensify cooperation in the following areas:

* attracting financing for the purchase of equipment necessary for prompt response to damage caused by russian attacks;

* development of renewable energy sources and distributed generation, in particular through attracting grants and investments;

* deepening cooperation in the field of nuclear energy, including research and innovative solutions;

* continuing the implementation of the Re-Power project, which involves the purchase of equipment, construction of protective structures and development of distributed generation;

* launching a new project of the World Bank and Ukrhydroenergo aimed at increasing the flexibility of the power system, developing energy storage and supporting the decarbonization process;

* further implementation of reforms in the sector, including European integration, improvement of corporate governance and creation of favorable conditions for the development of renewable energy.

The World Bank has confirmed that the energy sector remained among its priorities in Ukraine, and the Bank's team would be expanded to provide more technical and expert support.