The Cabinet of Ministers of Ukraine has allowed borrowing up to $378.5 million from the International Bank for Reconstruction and Development (IBRD) and the Clean Technology Fund (CTF) to realize Second Power Transmission Project in the interests of national joint-stock company Ukrenergo.
The decision is stipulated in cabinet resolution No. 1060-r of October 22, 2014.
According to the document, the Finance Ministry, Energy and Coal Industry Ministry and the National Commission of Ukraine for Energy and Housing and Utilities Services Regulation (NCER) are to sign agreements on the sub-credits provision with Ukrenergo. The company will pay 2% per annum on the used and unpaid sum.
As reported, under the Power Transmission Project IBRD provided a $200 million financing to Ukraine.
Ukrenergo operates Ukraine’s backbone and interstate transmission lines, as well as supervising the country’s national grid. It is a state-owned company and is controlled by the Ukrainian Energy and Coal Industry Ministry.
