The European Bank for Reconstruction and Development (EBRD) and the Cabinet of Ministers of Ukraine, represented by Minister of Infrastructure Vladyslav Krykliy, have signed a loan agreement for EUR 450 million for the project of development of the Trans-European Transport Network (TEN-T).

According to the ministry's website, the funds will be used to overhaul the M-05 Kyiv-Odesa highway and build the Lviv northern bypass road.

"A record number of highways are being built under the president's Big Construction program this year. More than 4,000 km of roads across the country have already been renovated, and we will do even more thanks to the conclusion of a loan agreement with the EBRD on the development of the Trans-European Transport Network. The implementation of this project will allow not only to improve the condition of roads along the routes of international transport corridors, but also to increase the safety of road traffic on the roads connecting Ukraine with the EU and Kyiv with the Black Sea," Minister of Infrastructure Vladyslav Krykliy commented on the signing of the agreement.

The project will be implemented with a EUR450 million loan from the EBRD and EUR450 million from the European Investment Bank.

The funds will be used to overhaul five sections of the M-05 Kyiv-Odesa highway in Cherkasy, Kirovohrad, Mykolaiv and Odesa regions, as well as to build the northern bypass road of Lviv.