The Government of Italy, through the European Bank for Reconstruction and Development (EBRD), will provide grants worth up to EUR 10 million to NPC Ukrenergo to help provide the company with liquidity and carry out emergency repairs.

"Italy, a founding member of the EBRD and a strategic partner, signed an agreement to provide grants worth up to EUR 10 million to support the Bank’s operations in Ukraine, in particular to support the electricity transmission system operator, Ukrenergo," the bank said on its website on Tuesday.

According to the report, the funding from Italy will help provide Ukrenergo with liquidity and carry out emergency repairs.

"The EBRD is encouraged by Italy's strong cooperation and contribution, which allows us to continue our efforts in supporting the Ukrainian economy during wartime and beyond," EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone said.

The EBRD increased investments in projects in Ukraine to EUR1.7 billion in 2022, compared to about EUR 1 billion, which it invested annually earlier, as reported with reference to the president of the bank, Odile Renaud-Basso. At the end of April, Prime Minister of Ukraine Denys Shmyhal announced that the EBRD's pre-planned portfolio of support to Ukraine for 2023 would reach EUR 1.5 billion. The funds would be used to support the public and private sectors (in particular, support for small- and medium-sized enterprises), financing road construction projects, cooperation with cities and communities, and support for the energy sector.