You're reading: Poroshenko approves ratification of agreements on financing construction of subway in Dnipropetrovsk

Ukrainian President Petro Poroshenko on Sept. 19, 2014 signed several laws.

According to a posting on the Web site of the head of state, the president signed law No. 1665-VII on the ratification of the financial agreement (the completion of the construction of the subway in Dnipropetrovsk) between Ukraine and the European Investment Bank (EIB), which foresees the raising of a 152 million euros loan for the project.

The Verkhovna Rada ratified the financial agreement between Ukraine and the EIB to complete the construction of the subway in Dnipropetrovsk on Sept. 2. The agreement was signed on Oct. 25, 2013.

The project “The completion of the subway in Dnipropetrovsk,” which was developed in close collaboration with the EIB, foresees the extension of the subway by four kilometers along Karl Marx Avenue.

Construction will be completed from the Komunarska station to the station of Muzeina with an electric depot. It is planned to build three new stations – Teatralna, Tsentralna and Muzeina. The project foresees the connection of the existing metro line to the city center.

To implement the project Ukraine on July 27, 2012 raise credit funds from the European Bank for Reconstruction and Development in the amount of 152 million euros.

In addition, the head of state signed law No. 1667-VII on the ratification of the guarantee agreement (the project on the construction of Beskydsky railway tunnel) between Ukraine and the EIB, which allows the start of the realization of the agreement.

The Ukrainian parliament on Sept. 2 ratified the guarantee agreement on financing the construction of the Beskydsky twin-track railway tunnel signed by Ukraine and the EIB.

The ratification of the agreement will give a possibility to starting the realization of the financial agreement signed by the State Railway Administration of Ukraine (Ukrzaliznytsia) and the EIB.

The EIB, Infrastructure Ministry of Ukraine and Ukrzaliznytsia on May 19, 2014 signed an agreement on the provision of a 55 million euros loan by the EIB to build the Beskydsky railway tunnel.

According to the conditions of the financing, the EIB is financing the construction of the Beskydsky tunnel jointly with its partner – the European Bank for Reconstruction and Development (EBRD). The credit agreement between Ukrzaliznytsia and EBRD foresees financing of $120 million, including $36 million  for the construction of the Beskydsky tunnel.

Since the start of the realization of the project on the construction of the Beskydsky tunnel, construction work worth Hr 210.62 million has been carried out, including Hr 100.79 million borrowed from the EBRD and Hr 109.83 million in funds of Lviv railways.

At present, tunnel digging work of a length of 211 meters has been carried out. In 2014, Hr 382 million is foreseen for the construction of the tunnel, including Hr 113.7 million from railways and Hr 268 million from the EBRD’s loan.

The overall length of the tunnel under the project will be 1,764 meters. The completion of works on the construction of the new Beskydsky tunnel is planned for the first quarter of 2017.

Poroshenko also signed law No. 1666-VII on the ratification of the agreement between Ukraine and the European Organization for Nuclear Research (CERN) on providing Ukraine with a status of an associated member of the organization.

The Ukrainian parliament ratified the agreement on Sept. 2, 2014.

The ratification of the agreement with CERN will create favorable conditions for the country’s integration into European scientific and research space, allow Ukrainian scientists to get direct access to newest research databases, take part in scientific experiments and conduct independent researches in high-energy physics on the basis of the Large Hadron Collider (LHC).

Ukraine and the CERN signed an agreement for the provision of associate membership of this organization to Ukraine on Oct. 3, 2013.