KIEV, July 9 (Xinhua) -- Ukraine's Energy Efficiency Fund (EEF) and the International Finance Corporation (IFC) have signed an agreement to help allocate 235 million U.S. dollars to make Ukrainian families more energy-efficient, Interfax-Ukraine news agency reported on Tuesday.
The agreement will help channel the money to some 6,000 homeowners' associations over a four-year period, the report quoted the Ukrainian Ministry of Regional Development, Building and Housing and Communal Services as saying.
"Today's signing is another significant step in our efforts to promote energy efficiency. Over 80 percent of Ukraine's multi-family houses require energy-efficient modernization, and the Energy Efficiency Fund will work to help with these renovations. The IFC's support to the fund will help ensure the program is managed to the highest standards," said Hennadiy Zubko, Ukraine's deputy prime minister and regional development minister.
In May, Zubko said the EEF was currently testing all procedures on the first 15 pilot homeowners' associations, and by the end of this year, the results of the pilot testing would come out.
In April 2018, the European Union (EU), Germany and the IFC signed an agreement on co-financing Ukraine's EEF by setting up a multi-donor fund which is designed to help Ukraine reduce its reliance on imported gas and cut its subsidies for energy consumption by citizens.
In June last year, Ukraine received the first tranche of 50 million euros (56 million U.S. dollars), and in December the EU provided another 54 million euros (60.4 million dollars).