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On May 14, 2010, in the course of Annual Meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD), the Chairman of the Board of Joint Stock Company The State Export-Import Bank of Ukraine (Ukreximbank) Mykola Udovychenko, on behalf of the Bank, received the Excellence in Sustainable Energy and Climate Change Award.

Ukreximbank is the EBRD partner under the Ukraine Energy Efficiency Programme (UKEEP) since April 2007, when the parties signed relevant Loan Agreement to jointly promote energy efficiency in Ukraine. The Programme is aimed at financing of mid- and long-term energy efficiency projects in order to reduce energy intensity of Ukraine’s industrial production, as well as of renewable energy projects.

Under EBRD Loan Facility of USD 150 million, Ukreximbank provided co-financing of capital assets modernization projects total worth USD 200 million. According to the EBRD, due to the projects facilitated by Ukreximbank under UKEEP, energy savings exceeded 1,400,000 MWh annually and GHG emission was cut down by 5,000,000 tons.

According to the EBRD, Ukreximbank’s driving activity in advancement of carbon financing under the Kyoto Protocol was an additional factor of honoring the Bank. Ukreximbank was the first bank in Ukraine to arrange carbon credits allowing to generate additional financial resources for energy efficiency projects.