Great Britain and Ukraine have signed a memorandum on energy partnership.

As reported by Ukraine’s energy ministry, the countries agreed to create a GBR 62 million Energy Recovery Fund.

‘Together with Parliamentary Under-Secretary of State for Europe Leo Docherty, we have signed the Memorandum on Energy Partnership between our countries. The Innovation Fund ‘InnovateUkraine’ will be created in the amount of 62 million pounds’, Ukraine’s energy ministry said in a statement.

The main goal of the initiative is to strengthen energy security. It is noted that the initial contribution will be 10 million pounds. The rest of the funds will be allocated in several installments by 2025.

The aid will be directed to energy innovation projects, which should speed up the process of reconstruction and restoration of the Ukrainian energy infrastructure.