11:03 20.02.2019

IFC provides EUR 12.5 mln for transport development in Mariupol

2 min read
IFC provides EUR 12.5 mln for transport development in Mariupol

The International Finance Corporation (IFC), part of the World Bank Group, has signed a loan agreement on providing financing in the amount of EUR 12.5 million to buy 64 large buses, the press service of the Finance Ministry has reported.

According to the press release, the funds are also sent to the reconstruction of the city bus depot, the renovation of repair equipment and the development of the city's transport infrastructure management. The project will increase the capacity of public transport in the city and reduce hydrocarbon emissions into the atmosphere.

"Since 2014, decentralization is one of the key priorities of the government, and we have already transferred many financial resources to municipalities, and with them responsibility. Therefore, it is extremely important for us that international partners support this approach with financial resources. IFC investments in Mariupol infrastructure, 30 km from the front line is the best proof of our partners' confidence in Ukraine. We hope that the financing of municipalities will become one of the important activities of the IFC in the future. We would be very grateful if IFC could become the first IFI [international financial institution] that provides such funding in hryvnia, and the Ministry of Finance is ready to support this idea," the press service of the ministry reported, citing Deputy Minister for European Integration Yuriy Heletei.

As reported, referring to IFC, the loan will amount to 14% of the city's projected multi-sectoral capital investment program of $90 million in 2019-2010.

IFC, a member of the World Bank Group, is a large international investor focused on the private sector in Ukraine. The total amount of its investment in long-term projects in various economic sectors of Ukraine has reached over $3.2 billion.

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