You're reading: EBRD governors agree allocation of 350 million euros for Shelter project in Chornobyl

The Board of Directors of the European Bank for Reconstruction and Development has agreed the proposal for the allocation of additional 350 million euros for the completion of the New Safe Confinement at Chornobyl Nuclear Power Plant, the bank's press service reported. 

“The project in Chornobyl has a funding shortfall of 615 million euros. To fill this gap the proposal provides for an additional contribution of 350 million euros by the EBRD in anticipation of a 165 million euros contribution by the G7/European Commission and the balance of 100 million euros by non-G7 donors,” the statement reads.

The G7 leads the effort to mobilize the additional funds and will organize a pledging event in the spring of 2015, the EBRD said.

“Should pledging efforts fall short of the amount allocated to non-G7 donors, the EBRD would step in,” the bank said.

The completion of the project is scheduled for end-2017. The total cost of the Shelter Implementation Plan, of which the New Safe Confinement is the most prominent element, is estimated at 2.15 billion euros. Of this, the New Safe Confinement will cost about 1.5 billion euros.

The Chornobyl Shelter Fund was set up in 1997 with the EBRD as administrator and to date has received contributions from 43 donor governments. The EBRD has also provided 325 million euros from its own resources in support of the work in Chornobyl to date.