You're reading: Yanukovych orders creation of mission for talks with IBRD on loan to improve roads

Ukrainian President Viktor Yanukovych has ordered the creation of a delegation for talks with the International Bank for Reconstruction and Development (IBRD, the World Bank Group) to sign a loan agreement to improve the country's roads.

A corresponding decision was stipulated in presidential order No. 140/2012 dated July 17 this year.

“[This order will] create a Ukrainian delegation to participate in
negotiations with the International Bank for Reconstruction and
Development concerning the signing of a loan agreement under the Second
Roads and Safety Improvement Project (the Improvement of the Transport
and Operational State of the M-03 Kyiv-Kharkiv-Dovzhansky international
highway on the Lubny-Poltava section),” reads the order, which has been
posted on the presidential Web site.

Ukravtodor Chairman Volodymyr Demishkan was authorized to sign the loan agreement.

As reported, the government of Ukraine on July 4, 2012 approved the
attraction of a $450 million loan from the IBRD under a project to
improve roads.

Previously Ukravtodor planned to raise $450 million from the World
Bank for the reconstruction of the Kyiv-Kharkiv-Dovzhansky highway on
the Lubny-Poltava section.