Kyiv will raise a loan of UAH 500 million from Ukreximbank (Kyiv) to complete the construction of the Teremky metro station, Head of Kyiv City State Administration Oleksandr Popov has said.

"This is Ukreximbank: We're working with it, [as] it's is a state-owned bank," he told reporters, asked whether a bank has been selected for raising a loan.

Popov once again confirmed reports of the forthcoming increase in fares for subway, but stressed that the cost of a single trip will be less than UAH 5, as mass media reported earlier.

Popov also confirmed that the Teremky metro station would be opened by the Day of Kyiv's liberation from Nazi invaders to be celebrated on November 6.

As reported, Kyiv City Council permitted the transport infrastructure department of Kyiv City State Administration to raise in 2013 UAH 500 million in credit funds under state guarantees to finish the building of the Teremky metro station.

The term to raise funds is up to 60 months, and the maximum interest rate shouldn't exceed 10%.

According to the decision, municipal enterprise Kyiv Metropoliten will return the credit money by raising it from its fares.