EBRD compromises on K2R4 completion cost

1 March 2002

The European Bank for Reconstruction and Development (EBRD) and Ukraine have agreed to reduce the cost of completing the Khmelnitski 2 and Rovno 4 units.

The EBRD has also abandoned its plans to urge Ukraine to raise its electricity tariffs sharply.

Ukraine prime minister Anatoly Kinakh gave no details of the terms that were changed "because the process has not been completed." He said that the second round of negotiations with the EBRD has now been completed.

Kinakh stressed that Ukraine is still involved in talks with Russia over financing the project.

Meanwhile, the Canadian ambassador in Kiev, Andrew Robinson, said that Ukraine has no alternative to receiving credit from the EBRD. Under the memorandum between Ukraine and the G-7 countries on the closure of Chernobyl signed in Ottawa in December 1995, western countries promised to provide credit for the project.

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