The World Bank intends to provide Ukraine with a $300 million loan as part of a new project to improve the energy efficiency of cities, preparations for the project implementation will continue until the end of spring 2022, the Ministry for the Development of Communities and Territories reported on the website.

"Today we are discussing the launch of a new project: $300 million will be allocated for energy efficiency measures in Ukraine. Thanks to this, cities will be able to receive more resources for the thermal modernization of schools, kindergartens, heating systems, as well as for providing street lighting," the Minister of Communities and Territories Development Oleksiy Chernyshov said at a meeting with WB Regional Director for Eastern Europe Arup Banerji.

According to Banerji, the development of energy efficiency is critical to achieving Ukraine's energy independence.

"I am convinced that this will help Ukrainian cities reduce their dependence on fuel and energy resources and will contribute to Ukraine's ambitious goals in combating climate change," he said.

According to the information on the WB website as of January 31, the planned date for its consideration by the Management Board is May 16 of this year.

The borrower for this project will be Ukreximbank (Kyiv). It is also expected that the Clean Technology Fund will allocate additional $12 million, which will help hedge the currency risks of borrowers.

In addition, technical assistance is planned for the project.

The report of the Ministry of Communities and Territories Development reports that by the end of 2021, joint projects of the Ministry of Communities and Territories Development and the World Bank contributed to a reduction in natural gas consumption by more than 27 million cubic meters, CO2 emissions - by more than 45,000 tonnes per year.