The United States Agency for International Development (USAID) and the Energy Community Secretariat have signed an agreement for a U.S. grant contribution of $25 million (EUR 23 million) to the Ukraine Energy Support Fund. This is the first contribution by the U.S. Government to the Fund, which was established at the initiative of Minister of Energy of Ukraine German Galushchenko and European Commissioner for Energy Kadri Simson.
“The Ukraine Energy Support Fund is an effective mechanism for procuring equipment needed by Ukrainian energy companies to restore and repair infrastructure after hostile attacks. We are grateful to our American partners for this contribution, which will help strengthen our country’s energy security,” said German Galushchenko.
This brings the total amount pledged by donors to the Ukraine Energy Support Fund to more than EUR 329 million. Of this amount, some EUR 192 million has actually been transferred to the Fund’s account by 15 public and private sector sponsors from various countries. The remaining amount represents announced and formalised contributions that are expected to be credited to the Fund’s account in the near future.
The funds will be used to purchase equipment needed to rehabilitate energy companies.
In particular, between January 1 and November 27, 132 agreements for the purchase of energy equipment, fuel and materials totalling almost EUR 100 million were concluded within the framework of the Fund.
The Ukraine Energy Support Fund was established in spring 2022 and enables governments, international financial institutions and private donors to support Ukraine’s energy sector. (Government portal/Business World Magazine)