The FINANCILAL -- Five major cities in Ukraine, including its capital of Kyiv, will benefit from a new loan of €75 million provided by European Investment Bank (EIB) to invest in the country’s road safety. Investments will also encourage a shift to a more environmentally friendly public transport system and contribute to economic growth.
The EIB loan will complement the EU grant of €4.25 million, thus providing more resources for helping to upgrade key municipal infrastructure. The EU contribution comes from its Neighbourhood Investment Facility (NIF) and will be used for project preparation, capacity building and monitoring.
The loan will be used to finance major investments in urban road safety in five cities of Ukraine: Dnipro, Kharkiv, Kyiv, Lviv and Odesa, which have a combined population of around 7 million. These cities are Ukraine’s most important cities, with populations ranging from more than 700,000 in Lviv to around 3 million in Kyiv, according to Euneighbours.
“I am sure that this project will help to save many human lives, which are unnecessarily lost every year in traffic accidents in Ukraine,” said the Head of EU Delegation in Ukraine, Ambassador Hugues Mingarelli. “I am confident that all the practical experience gained first in five large cities will later be used throughout Ukraine so that Ukrainians will eventually feel safer on their roads.”
The investments will be aimed at eliminating the most dangerous road accident blackspots through better connections and modern traffic systems, as well as upgrading intersections and junctions and renovating street infrastructure. The work will also be directed towards improving access to public transport. Other supported actions include the development of safe cycle and pedestrian networks, urban transport planning, the introduction of reduced speed in residential areas and school zones, and IT traffic management systems.