The European Bank for Reconstruction and Development (EBRD) is ready to send additional 350 million euros for construction of the New Safe Confinement (NSC) at Chornobyl Nuclear Power Plant (NPP), EBRD Director for Nuclear Safety Vince Novak has said.
“The EBRD Board is ready to disburse 120 million euros now to finance the construction of the new confinement and another 230 million euros at the end of November [after discussion at a meeting]. Thus, the EBRD will be the main donor of the financial aid,” the press service of the Ecology and Natural Resources Ministry reported, referring to Novak.
He said that the disbursement of the rest of 300 million euros will be discussed at a meeting of the donor assembly to be held on Dec. 12, 2014 in London.
As reported, the EBRD Board of Directors of has agreed the proposal for the allocation of additional 350 million euros for the completion of the NSC at Chornobyl NPP.
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 G7 leads the effort to mobilize the additional funds and will organize a pledging event in the spring of 2015.
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.
