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Germany to allocate 195 million to support Ukraine's energy and business sectors

Wednesday, 25 October 2023, 19:10

Svenja Schulze, German Federal Minister for Economic Cooperation and Development, announced on Wednesday her intention to allocate €195 million to support energy supply and businesses in Ukraine.

Source: a statement by the ministry, reported by European Pravda

Details: Germany will allocate about half of the €195 million to help protect and repair Ukraine's energy infrastructure, as well as to introduce energy-efficient technologies and expand the use of renewable energy sources.

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The funds will be allocated to Ukraine's electricity supplier Ukrenergo and the Green for Growth Fund, a regional energy efficiency fund that helps private households and small and medium-sized businesses.

The other half of the funds will be used to strengthen Ukrainian businesses, for example by improving access to financial services, especially in the agricultural sector.

Schulze also discussed cooperation between the local authorities of both countries and preparations for the Ukraine Recovery Conference in Berlin on 11-12 June 2024.

Background: During a visit to Ukraine last week, Jochen Flasbarth, State Secretary of the German Federal Ministry for Economic Cooperation and Development, announced that Germany would allocate an additional €200 million for Ukraine's recovery.

This brings the total amount of the ministry's assistance to Ukraine since February 2022 to around €1.2 billion.

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