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The European Investment Bank (EIB) is lending EUR 75 million to finance major investments in urban road safety in five cities of Ukraine: Dnipro, Kharkiv, Kyiv, Lviv and Odessa, which have a combined population of around 7 million. The improvement of road safety is a priority for the Ukraine Government in its fight to reduce the number of accidents and casualties and to create a modern transport system that is supportive of economic growth. As such, the project is supported by a EUR 4.25 million EU grant provided by the Neighbourhood Investment Facility (NIF) for project preparation, capacity building and monitoring. The EIB loan will complement the EU grant, thus providing more resources for helping to upgrade key municipal infrastructure.
The cities where the infrastructure upgrades will be carried out are among Ukraine’s most important cities with populations ranging from more than 700,000 in Lviv to around 3 million in Kyiv.
The project promoter is the Ministry of Infrastructure of Ukraine while the final beneficiaries of the EIB funds will be the municipal authorities of the cities mentioned. The investments to be supported will be aimed at eliminating the most dangerous road accident blackspots through better connections and modern traffic systems, as well as upgrading intersections and junctions and renovating street infrastructure. Investments will also improve access to public transport for local people. Other supported actions include the development of safe cycle and pedestrian networks, urban transport planning, the introduction of reduced speed in residential areas and school zones, and IT traffic management systems.
EIB Vice-President Vazil Hudák commented: “The EIB loan will help make Ukraine’s major cities safer and more liveable thanks to an improved urban environment and a better road and transport system. This will transform those cities into more attractive places to live for their citizens, visitors and businesses alike, while also stimulating economic growth”.
Vice-Prime Minister for European Integration of Ukraine Ivanna Klimpush-Tsyntsadze stated: “Improving the quality of transportation infrastructure is a strategic priority for Ukraine. For years now, Ukrainian roads have been a constant source of disappointment. Not only did the bad roads restrict our right to freedom of movement, but they also extracted a terrible toll in human lives. With a road accident mortality rate that is three times higher than in the EU, it is imperative that we fix and improve our transportation infrastructure. By investing in road safety and other projects like the extension and upgrading of the Kharkiv Metro, the European Investment Bank is helping Ukraine do so. Together we are modernising Ukraine's transport infrastructure to meet European standards.”
Head of EU Delegation in Ukraine, Ambassador Hugues Mingarelli said: “I am sure that this project will help to save many human lives, which are unnecessarily lost every year in traffic accidents in Ukraine. I am confident that all the practical experience gained first in five large cities will later be used throughout Ukraine so that Ukrainians will eventually feel safer on their roads”.
The European Investment Bank (EIB) is the European Union's bank. It is the long-term lending institution of the EU and is the only bank owned by and representing the interests of the European Union Member States. The EIB works closely with other EU institutions to implement EU policy.
As the world’s largest multilateral borrower and lender by volume, the EIB provides finance and expertise for sound and sustainable investment projects which contribute to furthering EU policy objectives. More than 90% of EIB activity is focused on Europe but it also supports the EU's external and development policies.
The EIB finances projects in Ukraine on the basis of the EU External Lending Mandate. This provides the EIB with a guarantee covered by the EU budget for projects of significant interest to the EU and its Eastern Neighbours in the areas of social and economic infrastructure, local private sector development and climate action.
The Neighbourhood Investment Facility (NIF) is a financial mechanism launched in 2008 aimed at mobilising additional funding to cover the investment needs of the EU Neighbouring region for infrastructure in, among others, the transport, energy, environment and social sectors.
The Eastern Partnership was established in 2009 as a joint initiative of the EU, its Member States and six European Partners – Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine. It is a key pillar of the EU’s Neighbourhood Policy. The EIB is particularly active in the multilateral dimension of the partnership, providing key investments in priority sectors such as transport, energy – including energy efficiency – climate action, access to finance for SMEs and innovation. By the end of 2017, EIB lending in the Eastern Partnership had reached a total of EUR 8 billion, financing some 90 investment projects and providing credit lines to support SMEs in the region.
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