KIEV, Dec. 23 - The World Bank's Board of Executive Directors has approved a $378 million loan for the Second Power Transmission Project to improve the reliability of the power transmission system and support the implementation of the Wholesale Electricity Market in Ukraine, the World Bank said in a statement.

"The new investment will support efforts to develop plans for renewable power integration, applying smart grid solutions at power transmission. It will also support the implementation of the Wholesale Electricity Market and Balancing Market mechanisms and enhance electricity market competitiveness by aligning the Ukrainian network with the European Network of Transmission System Operators for Electricity. This will help to strengthen not only national, but also regional energy security," the bank said.