An agreement between Ukraine and the International Bank for Reconstruction and Development (IBRD) on the introduction of the Serving People Improving Health Project, through which Ukraine will receive around $215 million, was signed by Ukrainian Health Minister Alexander Kvitashvili and World Bank Program Leader for Ukraine, Belarus and Moldova, Paolo Belli.

The Health Ministry’s press service reported on Thursday that Kvitashvili signed the document on executing the Ukrainian president’s resolution on the Ukrainian delegation’s participation in the negotiations with the IBRD, towards signing the loan agreements.

The minister said that the loan will accelerate the reformation of the Ukrainian medicine.

The introduction of the Serving People Improving Health Project will promote the development of medical infrastructure and increase the quality of medical services in eight regions in Ukraine. Investment will be allocated to introducing a new financial mechanism in the health systen, to the prevention, early detection and treatment of cardio-vascular diseases and cancer, to improve first aid services, and to bringing legislative acts in line with the best international standards.

The project is to be implemented over five years. Its financing amounts to $261 million, and some $215 million is provided by the World Bank.

The agreement defines project efficiency indicators, the procedure for financial monitoring, standards and terms of audit linked to ecological and social risks.

The ratification of the agreement by the IBRD is scheduled for March 4, 2015.