Statement by Vice-President Sefcovic following the EBRD lending agreement to Ukraine
I welcome today´s loan agreement for USD 300
million between the European Bank for Reconstruction and Development (EBRD) and
Ukraine to finance purchases of gas for the coming winter. I am very optimistic
that also thanks to this agreement, the citizens and businesses in Ukraine will
have a warm winter in their homes and premises.
Background information:
The sovereign guarantee agreement for
the loan, signed today in Berlin between the EBRD First Vice-President, Phil
Bennett, and Ukrainian Minister of Finance, Natalie Jaresko,
in the presence of German Chancellor, Angela Merkel, and the Prime Minister of
Ukraine, Arseniy Yatsenyuk,
contributes to the smooth implementation of the Binding Protocol on gas delivery from Russia to Ukraine until 31 March
2016, mediated by the European Commission. The loan is tied to a programme of corporate governance reforms at NJSC (National
Joint Stock Company) Naftogaz the
national energy company.
The European Commission
has organised through European and international financial institutions the necessary assistance
to finance gas purchase of
Ukraine. Earlier this month, [on 9 October] the European Investment Bank (EIB) and World Bank
signed an agreement, by which
EIB will guarantee up to
USD 520 million of selected World Bank loans in Ukraine, which will enable
the World Bank to guarantee
letter of credit facilities for gas purchases
by Naftogaz. This agreement was facilitated by a counter-guarantee of the European Union
granting comprehensive cover to the
EIB linked to risks of these
selected WBG loans in
Ukraine.