The Council of Ministers approves agreements with the EBRD to rebuild Ukraine’s power system

As part of Italy's support for Ukraine, today the Council of Ministers approved the bill ratifying the co-financing by Italy and the EBRD for the reconstruction of Ukraine's power system. This includes funding of EUR 200 million (with EUR 100 million coming from Italian cooperation), aimed at restoring the energy capacity of Ukrhydroenergo, Ukraine's main hydroelectric company, following the destruction of the Nova Kakhovka dam.

The Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Antonio Tajani, stated that this represents "a strong signal of attention from Italy towards the dramatic situation of the Ukrainian energy sector, demonstrating our country's ongoing support for Kyiv." Tajani expressed hope that the parliamentary process for the measure would be swift to address the emergency caused by the suffering of the Ukrainian population, which is plagued by continuous blackouts and risks enduring another winter in extremely harsh conditions.

Minister Tajani recalled the actions taken by Italy in support of Ukraine's resilience and reconstruction, beginning with the Bilateral Conference on 26 April 2023, and during the Italian Presidency of the G7, which will lead Italy to organise the International Conference on Ukraine's Reconstruction in the summer of 2025.

The bill approved today by the Council of Ministers specifically provides for the ratification and execution of four agreements concerning the emergency restoration of hydroelectric plants in Ukraine in collaboration with the EBRD: a framework agreement, a guarantee agreement, a project support and transfer agreement, and finally, a declaration of adherence between the joint-stock company "Ukrhydroenergo," the Government of the Italian Republic, and the European Bank for Reconstruction and Development.