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You're reading: Poroshenko hopes to borrow up to $1 billion from World Bank in 2013 to improve roads

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. 

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