15:09 02.12.2014

EBRD okays EUR 350 mln for Chornobyl's New Safe Confinement

2 min read
EBRD okays EUR 350 mln for Chornobyl's New Safe Confinement

Governors of the European Bank for Reconstruction and Development (EBRD) have approved additional Bank funding worth EUR 350 million for the completion of the Chornobyl New Safe Confinement on the site of the 1986 nuclear accident, the EBRD said in a statement.

The EBRD will provide this additional sum in anticipation of a EUR 165 million contribution by the G7/European Commission. The G7 are also organizing a pledging event for other potential donors that is due to take place in the spring of 2015, aiming to raise a further EUR 100 million which would close the entire funding gap of EUR 615 million. EBRD Governors confirmed that should third-country pledges amount to less than EUR100 million, the difference would be covered by the Bank.

The EBRD Board of Governors is the Bank's highest decision-making body representing its 66 shareholders.

Following the Governors' decision the grant agreement between the EBRD, which manages the international community's funds for the Chornobyl project, and the Government of Ukraine will be amended within the next few days.

The New Safe Confinement will make the old Chornobyl shelter and remnants of the damaged reactor safe and environmentally secure.

Completion of the project is scheduled for the end of 2017. The total cost of the Shelter Implementation Plan, of which the New Safe Confinement is the most prominent element, is estimated to be around EUR 2.15 billion.

The Chornobyl Shelter Fund was set up in 1997 with the EBRD as administrator and has received contributions from 43 donor governments to date. Before this most recent decision the EBRD had already provided EUR 325 million from its own resources in support of the work in Chornobyl.

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