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The European Bank of Reconstruction and Development (EBRD) expects to invest €1.5 billion ($1.6 billion) into Ukraine annually for the coming two years, Reuters reported on Sept. 18.
However, the figure could increase "if reconstruction really started to accelerate," EBRD President Odile Renaud-Basso said at an event at Chatham House in London.
Renaud-Basso said that amidst the ongoing Russian invasion, support for Ukraine was critical, particularly its energy sector and infrastructure.
"If there is no heating, no electricity, the winter will be very difficult. That's why we have mainly been focusing on that," she added.
Russian attacks last winter repeatedly targeted Ukrainian energy infrastructure, leaving millions of people without heating or power.
In December, Ukraine's state grid operator said it would receive a loan of €300 million from EBRD to restore infrastructure damaged by Russian strikes.
According to Reuters, last year the EBRD also offered up to €300 million in financing to Naftogaz, Ukraine's state-owned oil and gas company, to help it buy enough gas last winter.
In August, Naftogaz said it had already accumulated 14 billion cubic meters (bcm) of gas reserves, a target the company had aimed to reach before the winter. Last year, Naftogaz hit the 14 bcm target only in October.
The EBRD is the largest institutional investor in Ukraine. In May 2023, it released a report indicating that Ukraine will need approximately $250 billion for its recovery over a five-year period.