17 May 2011: The World Bank approved a project to improve energy efficiency in industrial companies, municipalities and municipally-owned enterprises and energy service companies in Ukraine by facilitating bank lending for energy efficiency investments.

The Energy Efficiency Project will channel US$200 million to the Ukreximbank for lending to industrial companies and municipal energy efficiency projects. The borrower will also on-lend to other eligible financial institutions that are willing to invest in eligible energy efficiency projects in the industrial and municipal sector, as a means to enhance the reach of energy efficiency investments. The Project is expected to contribute to Ukraine’s target to reduce energy intensity by 20% by 2015 and by 50% by 2030, and to reduce carbon dioxide emissions by at least one million tons annually. [World Bank Press Release]