Economy

EIB to provide EUR 450 mln for building Lviv Northern bypass, rehabilitation of M-05 highway sections in four regions

The European Investment Bank (EIB) has approved the provision of a credit line of EUR 450 million to finance the construction of Lviv Northern bypass and the rehabilitation of sections of M-05 highway in Cherkasy, Kirovohrad, Mykolaiv and Odesa regions in Ukraine.

According to the report of the bank, its Board of Directors approved the project on October 15, 2019.

The EIB said that the investments will improve the quality of the extended TEN-T network (Trans-European Transport Network) by creating safer road conditions and reducing environmental pollution. In addition, the Lviv Northern bypass will shorten travel time and divert traffic from the city of Lviv.

The bank said that the EIB will require the Promoter to ensure that any procurement procedures are done in accordance with the Bank's Guide to Procurement and the relevant applicable EU public procurement rules.

According to the report, the total cost of the framework project is around EUR 1.05 billion. Other sources of financing are not disclosed.

As reported, the European Bank for Reconstruction and Development (EBRD) and JSC Ukrzaliznytsia intended on October 21, 2019 to announce tender procurement of materials for modernization of TEN-T tracks for $100 million raised by the company from the bank.

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