newsUkraine and the World Bank have signed a credit agreement worth $378.425 million to implement the Second Power Transmission Project.

An Interfax-Ukraine correspondent has reported that the document was signed by Energy and Coal Industry Minister of Ukraine Volodymyr Demchyshyn and World Bank Country Director for Belarus, Moldova, and Ukraine Qimiao Fan on Tuesday.

The loan includes $330 million from the World Bank and $48.425 million from the Clean Technology Fund (CTF).

The investment will help to restore the national power grid system, increase Ukraine’s energy security and reduce the impact on climate change, Qimiao Fan said.

The new project will help Ukraine integrate its power grid with the European power grid, facilitate the integration of renewable energy sources and increase the efficiency of electricity transmission.