Norway signs agreement with EBRD to assist Ukraine with gas procurement

Norwegian Minister of Finance Trygve Slagsvold Vedum has today signed an agreement to provide funding of NOK 2 billion (USD 195 million) to enable Ukraine to purchase natural gas during the coming winter.

This is said in a press release issued by the Government of Norway.

“Ukraine has specifically asked Norway for support for the procurement of natural gas this winter. The timing is critical, and we are very pleased that the EBRD is to be our partner in carrying out gas purchases. It is important to channel the support through an established, internationally recognised organisation, which will ensure effective and transparent use of the funding,” said Minister of Finance Trygve Slagsvold Vedum.

The Norwegian funding totaling NOK 2 billion (USD 195 million) will be channelled through the European Bank for Reconstruction and Development (EBRD), and it was First Vice President Jürgen Rigterink who signed the agreement on behalf of the bank in Oslo today.

It is stressed that Norway is the second largest donor to EBRD’s work in Ukraine.

In July 2022, Prime Minister Jonas Gahr Støre announced that the Government would be allocating NOK 10 billion to Ukraine in 2022 and 2023. Of this, NOK 2 billion has been earmarked for gas procurement.    

As reported by Ukrinform, the Norwegian government is preparing to contribute about NOK 1.5 billion (about USD 144 million) to the British-led International Fund for Ukraine.

iy