Norway is deepening its strategic partnership with the European Bank for Reconstruction and Development (EBRD) to support Ukraine’s energy supply amid ongoing challenges. The government of Norway, a founding member of the EBRD, has committed to providing NOK 1 billion (approximately €85 million) to assist Ukrainian state-owned energy utility Naftogaz in purchasing critical gas supplies. This funding will help secure essential heating and electricity for households, businesses, and industries across Ukraine, according to State Secretary Eivind Vad Petersson, announced on 26 March.

In addition to this cash injection, Norway will also grant an extra €53.6 million to Naftogaz. This grant comes after repurposing the first-loss risk cover previously provided under a €200 million EBRD loan, bringing total Norwegian grant support for Naftogaz’s gas imports in 2025 to around €138.6 million.

The new funds will be channeled through the EBRD Crisis Response Special Fund (CRSF) to bolster efforts aimed at reinforcing energy security in Ukraine. The funding package will accompany a forthcoming agreement with Naftogaz, expected to be signed at the beginning of April, and will raise Norway’s total grant support via the CRSF to over NOK 3.6 billion (around €330 million).

Since the onset of Russia’s full-scale invasion in February 2022, Norway has provided nearly NOK 5.2 billion (approximately €462 million) in support for Ukraine through the EBRD, with a significant portion focused on the energy sector. The EBRD, which has worked with Naftogaz since before the war, remains a steadfast partner, continuing to deliver critical high-quality energy and infrastructure projects while boosting private-sector investment and human capital development.

Over the past 30 years, the EBRD has been Ukraine’s largest institutional investor, with cumulative investments exceeding €22 billion through more than 625 projects. Its wartime investments have prioritized energy security, vital infrastructure, food security, trade, and support for the private sector—key areas that will help drive Ukraine’s economic recovery and reconstruction.

This latest funding injection from Norway reinforces its commitment to Ukraine’s energy security and economic resilience, while further solidifying the EBRD’s pivotal role in supporting Ukraine through these challenging times.