Signing of the Loan Agreement for the City of Chernivtsi

The Loan Agreement between EBRD and the District Heating Utility in City of Chernivtsi was signed on 22nd December 2015 in Kiev, together with the E5P Grant Agreement. The project includes an overall loan amount of EUR 10 million and an E5P grant of EUR 4 million. The E5P grant was approved at the E5P Assembly of Contributors on 7 December 2015, the grant will co-finance the overall project in order to improve district heating services, reduce gas consumption and switch to biomass, the grant component is allocated for investments in Individual Heating Substations and will as such directly benefit the end user. The signing ceremony was attended by representatives from Ministry of Finance, Ministry of Economic Development and Trade, Ministry of Regions, main contributors to E5P and IFIs.