The European Investment Bank (EIB), one of the major creditors of municipal projects and projects in the private sector of Ukraine`s economy, decided to open a EUR 200 million credit line for Ukraine to finance urban public transport investments in 20 municipalities in Ukraine.
The operation is covered by the EU guarantee for EIB loans, the bank said in a posting published on its website.
Before financing approval by the Board of Directors, and before the loan is signed off, each project should be under appraisal and negotiation, the Bank says. The EIB also requires to ensure that any procurement procedures are carried out in accordance with the Bank`s Guide to Procurement.
According to the report, each project should aim at developing the urban transport infrastructure and improving the existing municipal transport systems.
UNIAN memo. The EIB was established in 1957. The Bank`s shareholders consist of 28 EU member states. As the largest multilateral borrower and lender by volume, the EIB provides finance and expertise for sound and sustainable investment projects which contribute to furthering EU policy objectives. The authorized capital is formed by contributions from participating countries.
The EIB finances projects in Ukraine on the basis of an EU Council and European Parliament mandate for the Eastern Partner Countries. The current mandate provides for the financing of projects that are of significant interest to both the EU and Eastern Partners in the transport, energy, telecommunications and environmental infrastructure sectors.
