The European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) will allocate $420 million for the Dolynska-Mykolaiv-Kolosivka railway section electrification project.
"Our goal is to develop the number of electrified sections as this is more cost-effective, environmentally friendly and safer," Minister of Infrastructure of Ukraine Vladyslav Kryklii said at a meeting with business representatives on September 28, an Ukrinform correspondent reports.
The electrification project is very important as these tracks lead to Ukrainian ports, the minister added.
The project is expected to be completed by 2023.
As Kryklii reminded, the Ministry of Infrastructure together with the International Finance Corporation (IFC) are currently preparing seven railway stations in Kharkiv, Kyiv, Chop, Dnipro, Khmelnytsky, and Vinnytsia cities for concession.
It is planned that a total of UAH 3.8 million in investments will be attracted within the project, concession payments of UAH 60.8 million will be made, and taxes worth UAH 17.4 million will be paid to the budget.
The minister noted that the concessionaires would have to reconstruct and modernize the stations, create new railway infrastructure, and improve the quality of services.