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If the funds are used properly, savings in energy resources may reach 60% after the thermal and energy modernization of residential buildings.
Ukrainian Prime Minister Volodymyr Groysman says that about UAH 14 billion (US$497.3 million) will be allocated for energy efficiency projects in 2019.
"Next year, we'll establish the State Energy Efficiency Fund, which will support the modernization of large residential buildings, OSMD [condominiums]. I think that next year the budget of this fund will total about UAH 14 billion, including European funds. We've agreed on this," he told a Ukrainian TV channel on October 23.
Read alsoUkraine's Cabinet registers Energy Efficiency Fund
According to the official, if the funds are used properly, savings in energy resources may reach 60% after the thermal and energy modernization of residential buildings.
As UNIAN reported earlier, in early June 2017, the Verkhovna Rada, Ukraine's parliament, passed a draft law on the Energy Efficiency Fund.
In late March 2018, the Cabinet approved the provision on the Energy Efficiency Fund Supervisory Board. The procedure for its formation was set in May this year.
On September 11, the Ukrainian Ministry for Regional Development, Construction, and Housing announced a competition for the selection of independent members of the said Supervisory Board.
The Cabinet of Ministers on July 25 registered the Energy Efficiency Fund as a legal entity and appointed Yulia Holovatiuk-Ungureanu acting director of the Fund.
The draft budget for 2018 stipulates that the total amount of investment in energy efficiency programs will amount to UAH 1.6 billion ($56.8 million), of which UAH 400 million ($14.2 million) will be allocated for the so-called "warm" loans program provided for improving energy efficiency of households, while the rest UAH 1.2 billion ($42.6 million) will be channeled into the Energy Efficiency Fund. The German government and the European Commission will provide part of the funds (EUR 100 million).