The World Bank has decided to temporarily take about $220 million from the loan portfolio of the State Agency of Automobile Roads (Ukravtodor), the World Bank Country Director for Belarus, Moldova, and Ukraine Satu Kahkonen said during a meeting with Ukravtodor CEO Slawomir Nowak, the press-service of the agency said.
”With respect to funding, in the following year, the World Bank has decided to temporarily take out about $220 million from the loan portfolio of the agency,” the report says.
According to Kahkonen, a partial cancellation of funding is a temporary forced step, because the money of the World Bank does not move fast enough at the moment, thus burdening the country economically and does not release the space to support new projects.
Kahkonen called this solution a ”win-win” situation for everyone, reassuring that the money would definitely be returned to Ukravtodor.
It was agreed during the conversation that Ukravtodor will submit 20 projects in 2017 for the World Bank to consider possibility of future funding. In general, these will be projects for the development of road infrastructure (engineering design, consultations, preliminary design, etc.).