An additional €350 million (£275m) grant has been approved for the Chernobyl nuclear power plant safety project.

The extra cash will be used to complete the construction of a new shell on the damaged Chernobyl site, converting it into a safe and environmentally secure facility, the European Bank for Reconstruction and Development (EBRD) said.

The total cost of the Shelter Implementation Plan, which provides a step-by-step strategy for making the site of the 1986 nuclear accident safe, is estimated to be around €2.15 billion (£1.7bn).

The EBRD expects the European Commission and the G7 nations to contribute €165 million (£130m) for the ‘New Safe Confinement’ project.

The Bank said the G7 are also organising a pledging event for other potential donors that is due to take place in the spring of 2015, aiming to raise a further €100 million (£78.6m).

Completion of the project is scheduled for the end of 2017.