The European Bank for Reconstruction and Development (EBRD) and the Ukrainian government signed a memorandum of understanding on the project for the reconstruction of the M05 Kyiv-Odesa highway. The repair will be done in Cherkasy, Kirovograd, Mykolayiv and Odesa regions with a road length of 314 km, as well as the construction of a northern bypass section around Lviv with a length of 23 km.
This was reported in a press release by the EBRD.
The memorandum was signed by Prime Minister of Ukraine Oleksiy Honcharuk and EBRD President Suma Chakrabarti.
The project will be implemented by the State Road Agency of Ukraine (Ukravtodor). Under it, the EBRD will also support the strengthening of corporate governance and the fight against corruption in the agency, the reform of the Ukrainian road sector and the implementation of measures to improve road safety.
The prerequisites for the provision of financing is the successful completion of the entire project analysis process, including feasibility studies and environmental impact assessments, as well as the final approval of these projects by the EBRD Board of Directors, the report said.
"Today signed a Financial Agreement between Ukraine and the European Investment Bank and a Memorandum of Understanding between the Government and the EBRD on joint implementation of the project. Both documents worth 450 million euros - a total of 900 million euros! ... In three years, the Kyiv-Odesa highway will be the first autobahn of the European level throughout its entire length! " - Prime Minister wrote on Telegram.