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July 28, 2011

Ukraine Receives EUR 70 mln from EBRD for Chornobyl

Kyiv, July 28, 2011. The financial supervisor of the Chornobyl Shelter Fund and Nuclear Safety Account – the European Bank for Reconstruction and Development becomes the largest contributor to the Chornobyl Shelter Implementation Plan funds. The decision to issue another EUR 70 mln for the Chornobyl projects has been made at the recent meeting of the bank’s Board of Governors.

The European Bank for Reconstruction and Development (EBRD) has already contributed EUR 120 mln for the Chornobyl projects during a fundraiser dedicated to the 25th anniversary of the Chornobyl tragedy, held on April 26, 2011. With this most recent contribution of EUR 70 mln the bank becomes the largest donor for the cause.

The needed amount of financial resources for the Shelter Implementation Plan (SIP) funding is EUR 740 mln. According to the official statement released by the Ministry of Finance of Ukraine, at the moment the Chornobyl projects are fully funded as a result of the contributions by the EBRD, the governments of France, Russia, the EU, and the USA.

The decision to provide the necessary financial resources for the implementation of the Chornobyl projects was made at the Assembly of Contributors to the Chornobyl Shelter Fund (CSF) meeting on July 7, 2011, in London. This allows for the immediate start of the SIP execution and its completion by 2015. The new construction will help neutralize any possible future threats to the environment from the Chornobyl nuclear plant in Ukraine.

The EBRD is entrusted to manage the Chornobyl Shelter Fund following the November 1997 Framework Agreement with the Ukrainian government that concerned the execution of the SIP Grant Agreements. The CSF was established in December of 1997 to collect funds for the Chornobyl New Safe Confinement project. The agenda of the Fund is to assist Ukraine in transforming the existing shelter over Chernobyl's destroyed 4th reactor to a stable and environmentally safe state. The Nuclear Safety Account is a multilateral fund set up at the EBRD in 1993 to finance nuclear safety projects in Central and Eastern Europe.