EBRD approves Ukraine loan

2 January 2001

UKRAINE The European Bank for Reconstruction and Development (EBRD) has finally approved a US$215 million loan to help with the completion and safety upgrades of Ukraine's Khmelnitski 2 and Rovno 4 nuclear plants, to replace the capacity which will be lost through the closure of Chernobyl 3.

The project's total cost is $1.48bn and is expected to include contributions from Euratom (US$585 million), export credit agencies (US$348.3 million), EBRD (US$215 million), Russia (US$123.7 million), Energoatom (US$158.6 million) and Ukraine (US$50 million).

The EBRD's loan is subject to a number of strict conditions.

These are: Confirmation that Chernobyl has been closed permanently.

Several important safety assurances have been received, including a report from international nuclear regulators confirming that Ukraine's nuclear regulator has the necessary independence and resources to ensure the operation of facilities according to Western safety standards.

Commitments by the G-7 and the European Commission to provide technical assistance, and by the Ukrainian government to provide the necessary independence and resources to the regulator.

Approval by the board of the International Monetary Fund of extension of the IMF's Extended Fund Facility to Ukraine.

Commitments by the other institutions expected to provide funds for the project.

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