Canada Agrees to $700m Energy Aid Package for Ukraine
Ukraine and Canada have agreed to several energy-related deals worth a total of over $700 million USD, according to Ukrainian Energy Minister Denys Shmyhal. The European Bank for Reconstruction and Development will provide Ukraine with credit guarantees worth 757 million Canadian dollars (around $547 million USD) for purchasing gas and building strategic fuel reserves ahead of the heating season.
The money will go toward emergency purchases of natural gas and building reliable strategic fuel reserves, Shmyhal announced. Another approximately $144 million USD will be provided by Canada under a preferential financing mechanism for priority projects in Ukraine, including hydropower projects.
Ukraine's state-owned company 'Ukrhydroenergo' has agreed to cooperate with Canadian Export Development Canada on these projects. The company will be able to purchase equipment, technological solutions, and services for hydroelectric power stations from Canadian suppliers.