Advertising

Poroshenko hopes to borrow up to $1 billion from World Bank in 2013 to improve roads

Author: Interfax-Ukraine All articles by this author

More about Interfax-Ukraine


Sep. 24, 2012 18:23
215 159
Agreement on the $450 million World Bank loan was reached on September 20, 2012, according to Ukrainian Economic Development and Trade Minister Petro Poroshenko.
Photo by www.kmu.gov.ua

Ukraine's Economic Development and Trade Ministry hopes to borrow from $750 million to $1 billion from the World Bank in 2013 under the Second Roads and Safety Improvement Project (RSIP2). 

Agreement on the $450 million World Bank loan was reached on September 20, 2012, according to Ukrainian Economic Development and Trade Minister Petro Poroshenko.

"A very important decision was taken on September 20 for us to start talks on a new loan for road construction and traffic safety. The amount of lending will exceed $400 million, and the total sum of borrowing which we plan to take next year could be between $750 million and $1 billion," he said at a briefing on Monday.

As was reported, the World Bank Board of Directors has approved a loan of $450 million to implement RSIP2 in Ukraine. The project will be implemented by Ukravtodor, the State Road Agency of Ukraine. The RSIP2 is a follow-up project to the ongoing Roads and Safety Improvement Project (RSIP1) in the amount of $ 400 million, which was approved by the World Bank Board in 2009.

Ukraine joined the World Bank in 1992. Ukraine has received over $7.5 billion from the World Bank for 41 projects since joining the bank. 

Tags:


215 159

The Kyiv Post is hosting comments to foster lively public debate through the Disqus system. Criticism is fine, but stick to the issues. Comments that include profanity or personal attacks will be removed from the site. The Kyiv Post will ban flagrant violators. If you think that a comment or commentator should be banned, please flag the offending material.

comments powered by Disqus

Read more in {{sectionName}} section

All in {{sectionName}} section

SUBSCRIBE TO KYIV POST NEWSLETTERS