Friday, August 12 2016 19:00 EEST
German government will provide advisory assistance to Ukraine in the creation of an Energy Efficiency Fund
Ukraine, Germany, advisory, assistance, creation, Energy Efficiency Fund, help, business, partnership, cooperation, EU, finencial news

Ukrainian Deputy Prime Minister and Minister for Regional Development, Construction, Housing and Utilities Hennadiy Zubko has announced that Germany to assist Ukraine with energy efficiency fund.

'Germany is a strategic and reliable partner of Ukraine, including in the implementation of decentralization and energy efficiency reforms,' he wrote on Facebook, Unian reports.

He also said that Germany was ready to co-finance the fund.

Further, he stated that the Ukrainian-Germany high-level group for economic cooperation plans to open a Ukrainian-German Chamber of Commerce and Industry and hold a business forum.

Ukraine's Cabinet on July 13 approved a concept for the operation of the Energy Efficiency Fund in Ukraine, which will implement projects for the efficient use of energy resources in the country.

Zubko's ministry plans to launch the fund in spring after the end of the 2016-2017 heating season. One of the fund's goals will be to reduce natural gas consumption by households.

Ukraine's government expects that the fund will be able to raise about US$20 billion from international donors, the national budget and private investors in 2017.

In addition, the projects, which will be administered by the fund, will create about 75,000 new jobs in small and medium-sized businesses and save up to UAH 5 billion on the payment of utilities subsidies.

On July 20, 2016, the Ukrainian Cabinet's press service said the EU would consider allocating EUR 100 million as EU member states contribution to Ukraine's Energy Efficiency Fund.

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