Poroshenko approves agreement with EIB on Ukrzaliznytsia modernization

"President Petro Poroshenko has signed the law of Ukraine on the ratification of a financial agreement (Ukraine Railway Modernization Project (PJSC Ukrzaliznytsia Infrastructure Modernization)) between Ukraine and the European Investment Bank, which was adopted by the Verkhovna Rada of Ukraine on October 3, 2018," the statement said.

It notes that the ratification of the financial agreement is a prerequisite for its entry into force and attraction of an EIB loan in the amount of 150 million euros, which will be used for the construction of a second track, electrification and modernization of signaling and communications systems on the Dolynska-Mykolaiv-Kolosivka railway line.

The total cost of the project is about 300 million euros and will be co-financed with a loan from the European Bank for Reconstruction and Development.

It is expected that the project implementation will help increase the throughput capacity of the railway line and reduce operating costs, which in turn will help solve problems with the passage of goods in the direction of Mykolaiv ports.

op