Germany pledges over $200 million for Ukraine's energy industry
Germany has pledged 195 million euros ($206 million) to Ukraine in energy supplies and in support for Ukrainian energy companies in preparation for the upcoming winter, the German Development Ministry announced on Oct. 25.
The aid package was agreed upon by Germany's Development Minister Svenja Schulze and Ukraine's Infrastructure Minister Oleksandr Kubrakov during their meeting in Berlin today.
"Heat and electricity are central to the resilience of the people in Ukraine, especially with a view to the upcoming winter," Schulze said.
"That's why we're increasing our support for Ukraine's critical energy infrastructure. The Ukrainian government has committed to a reconstruction that will make the country more sustainable and bring it closer to the European Union."
Half of the funds are to be allocated for the protection, restoration, and strengthening of Ukraine's energy infrastructure, which sustained significant damage during mass Russian strikes in the previous fall and winter.
With the winter approaching yet again, Ukrainian officials have warned that Russia will likely seek to replicate its strategy and try to cripple the Ukrainian power grid through mass strikes.
The other half of the newly announced package will support Ukrainian energy firms, for example, by providing them with better access to financial markets. Berlin will also expand a microfinance fund for loans to small and medium Ukrainian businesses.
Germany's Development Ministry pledged another economic assistance tranche worth over $200 million last week. This package was allocated primarily to the restoration of Ukraine's healthcare, education, and drinking water supply and for urban reconstruction.
The German Development Ministry said that it has allocated around $1 billion in civil support for Ukraine since the start of the full-scale invasion.
Alexander Query
