Poroshenko approves ratification of financial agreement between Ukraine and EIB on project to modernize Ukrzaliznytsia infrastructure
Ukrainian President Petro Poroshenko has approved the ratification of a financial agreement between Ukraine and the European Investment Bank (EIB) on a project to modernize the infrastructure of Ukraine's state railway operator Ukrzaliznytsia.
According to the press service of the head of the Ukrainian state, the president signed the law of Ukraine on the ratification of the financial agreement on the project to modernize Ukrainian railways (the modernization of the infrastructure of OJSC Ukrzaliznytsia) between Ukraine and the European Investment Bank, which was adopted by the Verkhovna Rada on October 3, 2018.
"The ratification of the financial agreement is a prerequisite for the entry into force and attraction of credit funds of the European Investment Bank in the amount of 150 million euros, which will be used to build a second rail track, electrification and modernization of alarm and communication systems on the Doliynska-Mykolaiv-Kolosivka route," reads the report.
The total cost of the project is about 300 million euros and will be co-financed by a loan from the European Bank for Reconstruction and Development.
"It is assumed that the project will help increase the level of capacity of the relevant route and reduce operating costs, which in turn will solve problems with the passage of cargo in the direction of the Mykolaiv ports," reads the report.