World Bank Loans Ukraine $200 Million To Promote Energy Efficiency

The World Bank agreed to lend $200 million to the State Export-Import Bank of Ukraine to help implement the country's long-term energy reduction strategy. Original article available at http://www.bloomberg.com/news/2011-06-10/world-bank-lends-200-million-to-ukreximbank-for-energy-savings.html.

“To reduce Ukraine’s energy intensity by 50 percent by 2030, as the government plans, will require around $20 billion in investments,” Martin Raiser, World Bank Country Director for Ukraine, Belarus and Moldova, said today in an e-mailed statement. He added that “these would easily pay for themselves through improved competitiveness, reduced import needs and greater energy security.”

Ukraine, which has a population of 46 million, relies on Russian natural gas imports for more than 50 percent of its needs. The country plans to purchase 40 billion cubic meters of gas this year, according to Energy and Coal Minister Yuriy Boyko.