Ukraine and European Investment Bank inked an Agreement worth 75 million euros with the aim to improve road safety
Service of the Vice Prime Minister of Ukraine, posted 09 July 2018 13:53

On the margins of the EU-Ukraine summit in Brussels, Ukraine and the European Investment Bank (EIB)  within the framework of the project "Improving the urban road safety in Ukraine" inked a financial agreement. The EIB allocates a sum worth 75 million euros for the financing of infrastructure projects related to urban road safety in five major  Ukrainian cities (Kyiv, Odesa, Lviv, Dnipro and Kharkiv). From the Ukrainian side the Agreement was signed by Vice Prime Minister for European and Euro-Atlantic Integration of Ukraine Ivanna Klympush-Tsintsadze, from the EU side – by  Vice-President of the European Investment Bank Vazil Hudák.

The said project "Improving the urban road safety in Ukraine" encapsulates measures aimed at reducing mortality, injuries in the streets of cities, reducing the number of accidents, creating safe traffic conditions for road users, improving the comfort of the city for public transport passengers, pedestrians, cyclists, drivers, implementation of measures aimed at eliminating places of concentration of traffic accidents and areas with high accident rate, elimination of systemic problems and gaps in provision road safety in Ukraine. These investments will also stimulate the transition to a more environmentally friendly public transport system and contribute to the economic growth of Ukraine.

"Improving the quality of transportation infrastructure is a strategic priority for Ukraine. For years now, Ukrainian roads have been a constant source of disappointment. Not only did the bad roads restrict our right to freedom of movement, but they also extracted a terrible toll in human lives. With a road accident mortality rate that is three times higher than in the EU, it is imperative that we fix and improve our transportation infrastructure. By investing in road safety and other projects like the extension and upgrading of the Kharkiv Metro, the European Investment Bank is helping Ukraine do so. Together we are modernising Ukraine's transport infrastructure to meet European standards", the Vice Prime Minister underscored.

EIB Vice-President Vazil Hudák commented: "The EIB loan will help make Ukraine’s major cities safer and more liveable thanks to an improved urban environment and a better road and transport system. This will transform those cities into more attractive places to live for their citizens, visitors and businesses alike, while also stimulating economic growth".

Background

The European Investment Bank (EIB)  is the European Union's bank. It is the long-term lending institution of the EU and is the only bank owned by and representing the interests of the European Union Member States. The EIB works closely with other EU institutions to implement EU policy. This is the world’s largest multilateral borrower and lender. The EIB provides finance and expertise for sustainable investment projects that contribute to EU policy objectives. The EIB finances projects in Ukraine on the basis of the EU External Lending Mandate. This mandate provides EIB with a guarantee covered by EU Budget for projects of significant interest to the EU and its Eastern Neighbours in the areas of local private sector development, social and economic infrastructure and climate action.