European Investment Bank (EIB) President Werner Hoyer and World Bank Group President Jim Yong Kim signed an agreement under an EU guarantee that aims to facilitate the purchase of gas by Ukraine’s national gas company Naftogaz on October 9, 2015 in Lima (Peru).

"The EIB will guarantee up to $520 million of selected World Bank loans in Ukraine, which will enable the World Bank to guarantee letters of credit facilities for gas purchases by Naftogaz," reads a joint press release issued by the organizations/

"Today's agreement was facilitated by a counter-guarantee of the European Union granting comprehensive cover to the EIB linked to risks of these selected WB loans in Ukraine," reads the press release.

"European and global institutions are committed to helping Ukraine avert a potentially severe energy crisis as winter approaches," Hoyer said.

"The new agreement is part of our broad support to the restructuring of the gas sector in Ukraine and it will contribute to adequate gas supplies for the next three years," said Kim.

"The World Bank Group is committed to continue supporting Ukraine’s ambitious reform program and we are pleased to work jointly with the EIB," he said.

The new agreement is part of the support for Ukraine by the European Union and international financial institutions, under which the EIB guarantees World Bank investment development projects in Ukraine.