Kyiv together with USAID, the European Bank for Reconstruction and Development (EBRD) and the IFC is developing an investment plan to raise $100 million for modernization of the heat and power complex as part of the previously signed memorandum, the press service of Kyiv City State Administration has reported.

"We hope that in the next two or three months the partners will be able to decide on a priority investment plan: they will define the most vulnerable places that will give the greatest efficiency in terms of investments. In 2019 we plan to sign the first loan agreement," EBRD Deputy Head for Ukraine Marina Petrov said.

According to her, the partners plan to implement two projects: the first one is to attract $100 million for the priority renewal of the fuel and energy complex, the second one is a long-term global program for the comprehensive modernization of the system.

"After working out a plan for the development of the company [Kyivteploenergo], the issue of long-term partnership will be discussed," she added.

Deputy Head of Kyiv City State Administration Petro Panteleyev also noted that investments in the amount of $1 billion are needed to modernize the capital's fuel and energy complex.

"The city plans to systematically move towards attracting them," he stressed.