Sayenko Kharenko has acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD) on providing EUR 55 million finance package to the city of Kyiv to help tackle the impact of the ongoing war.

The finance package includes a EUR 50 million loan extended by EBRD under a partial guarantee from the European Union, along with a EUR 5 million grant component contributed by the government of the United States of America.

The emergency funds will be used to support Kyiv’s municipal district heating utility, Kyivteploenergo, by addressing critical liquidity needs to ensure uninterrupted provision of vital heating and electricity. The funds will also facilitate repairs to the city’s damaged infrastructure ahead of the impending winter heating season.

Ukraine’s capital, Kyiv, is main economic hub that hasw a registered population of around 3 million people, accounting for approximately 7 per cent of the total population of the country total. The city serves as a focal point for international diplomatic efforts and the coordination of humanitarian aid for Ukraine as a whole.

EBRD is the largest international financial investor in Ukraine. Since February 2022, EBRD has deployed a total of EUR 5.2 billion in Ukraine, of which up to EUR 1.4 billion this year, focusing on support for energy security, vital infrastructure, food security, trade and the private sector, in addition to key policy reforms. The EBRD’s Board of Governors approved in 2023 a capital increase of EUR 4 billion to support investment both in wartime and reconstruction.

Sayenko Kharenko’s team included Igor Lozenko, Oles Trachuk and Polina Savinska.