European Bank
Summary
The European Bank for Reconstruction and Development (EBRD) is lending €50 million to the Ukrainian capital, Kyiv, one of the largest cities in Europe. This loan will help ensure the provision of vital municipal services in the city and mitigate the effects of the ongoing war.
Russia’s ongoing war on Ukraine is having an unprecedented social and economic impact on the country, resulting in a fully fledged humanitarian crisis. Kyiv has been subjected to numerous missile and drone attacks, which have targeted key infrastructure, including assets in the energy and district heating sectors.
The EBRD loan will provide liquidity to the city’s municipal district heating utility, Kyivteploenergo (KTE), ensuring that it remains operational and can retain its existing workforce, continuing to provide vital heating and electricity to the city’s residents (including internally displaced Ukrainians who have moved to Kyiv), businesses and other municipal companies.
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