EBRD ready to send EUR 350 mln for NSC at Chornobyl NPP
The European Bank for Reconstruction and Development (EBRD) is ready to send additional EUR 350 million for construction of the New Safe Confinement (NSC) at Chornobyl Nuclear Power Plant (NPP), EBRD Director for Nuclear Safety Vince Novak has said.
"The EBRD Board is ready to disburse EUR 120 million now to finance the construction of the new confinement and another EUR 230 million at the end of November [after discussion at a meeting]. Thus, the EBRD will be the main donor of the financial aid," the press service of the Ecology and Natural Resources Ministry reported, referring to Novak.
He said that the disbursement of the rest of EUR 300 million will be discussed at a meeting of the donor assembly to be held on December 12, 2014 in London.
As reported, the EBRD Board of Directors of has agreed the proposal for the allocation of additional EUR 350 million for the completion of the NSC at Chornobyl NPP.
The project in Chornobyl has a funding shortfall of EUR 615 million. To fill this gap the proposal provides for an additional contribution of EUR 350 million by the EBRD in anticipation of a EUR 165 million contribution by the G7 European Commission and the balance of EUR 100 million by non-G7 donors.
The G7 leads the effort to mobilize the additional funds and will organize a pledging event in the spring of 2015.
The completion of the project is scheduled for end-2017. The total cost of the Shelter Implementation Plan, of which the New Safe Confinement is the most prominent element, is estimated at EUR 2.15 billion. Of this, the New Safe Confinement will cost about EUR 1.5 billion.
The Chornobyl Shelter Fund was set up in 1997 with the EBRD as administrator and to date has received contributions from 43 donor governments. The EBRD has also provided EUR 325 million from its own resources in support of the work in Chornobyl to date.