Energy Support Fund for Ukraine Gathers Over €400 Million
Date: 2023-12-14 Author: Dima Zakharov Categories: ECONOMY
Fund's Achievement
The Energy Support Fund for Ukraine, established within the Energy Community Secretariat, has successfully accumulated over €400 million. This revelation came during a press conference in Vienna, following the Energy Community Ministerial Council meeting. Artur Lorkovskyi, the Secretariat's director, disclosed this significant milestone, attributing its success to collaborative efforts with the European Commission and Ukraine's Energy Minister, Herman Halushchenko.
European Commission's Support
At the behest of European Commissioner Kadri Simson and in partnership with Minister Halushchenko, the Fund was initiated to bolster Ukraine's energy sector amidst conflict. Lorkovskyi praised the generosity of donors, including the European Union, Germany, the United Kingdom, Switzerland, the United States, Belgium, Denmark, and Austria. Private companies also contributed significantly to this cause, aiding the Fund's progression.
Strategic Management and Aid Allocation
Managed by the Secretariat, the Fund swiftly advances procurement processes in close collaboration with Ukraine's Ministry of Energy. Decisions regarding specific equipment and companies for procurement are promptly made to expedite the delivery of essential equipment to Ukraine's energy sector.
Non-Monetary Assistance
Additionally, the Secretariat introduced a system to facilitate non-monetary donations from private European Union companies. This system efficiently delivers equipment contributions from these companies to Ukraine, free of charge.
Fund's Origins and Purpose
The Energy Support Fund for Ukraine emerged in spring 2022, a joint initiative between Minister Halushchenko and European Commissioner Kadri Simson. It serves as a pivotal mechanism allowing governments, international financial bodies, and private donors to extend substantial support to Ukraine's energy sector during these challenging times.
