The Board of Executive Directors of the World Bank approved a loan in the amount of 560 million dollars for the reconstruction of the route Kyiv-Kharkiv. The Minister of Infrastructure Andrei Pivovarskyi said that as a result of the six-month negotiations bank will allocate money for Ukraine for road repairs. He wrote about this on his page on Facebook.
“The World Bank conciliated the third project on the road renovations of Ukraine for $ 560 million. The route M-03 (Kyiv – Kharkiv) will be of the 1st category along the full length,” wrote Pivovarskyi.
The Ministry of Infrastructure of Ukraine informed that it will be a highway with four lanes of traffic of the 1st category. They plan to complete the modernization by 2021, and then the way from Kyiv to Kharkiv will take noticeably less time than it takes now.
The route Kyiv-Kharkiv will be the first part of the project and if construction is going well the World Bank will allocate $ 240 million more to Ukraine.
This loan is part of a broad package of financial support from the World Bank which was declared this year in February and which provides extension of financial resources to Ukraine in the amount of up to $ 2 billion.
The reconstruction of the route will be one of the largest investment projects of the World Bank in Ukraine. Thanks to this project the road from Kiev to Kharkiv which has strategic importance for Ukraine will be fully renovated.
Recall that the Ministry of Infrastructure of Ukraine decided to fight against corruption in the field of construction and repairing of roads. The route will be filled with concrete pavement instead of asphaltic.