Business News, 12/12/2017

European Banks Fund Kharkiv Metro

European Bank for Reconstruction and Development and the European Investment Bank have provided €320 million – €160 million each – to build up Kharkiv metro.

The corresponding agreement was signed yesterday in Kyiv by the banks’ representatives in presence of the President of Ukraine, the Minister of Finance of Ukraine and the head of the Kharkiv Regional State Administration.

Under the agreement, two new metro stations Derzhavznska and Odeska will be built together with a new electric depot, also 85 new wagons will be purchased.

In addition to €320 million from the European banks, the project is co-financed from the local budget in the amount of €10 million.

The construction project for new metro stations was presented in June, the decision on the loan was preliminarily approved in July and finally made in September. Kharkiv officials announce that the loan demonstrates the confidence of the international community to Kharkiv.

However, the activists of Kharkiv Anticorruption Center are cautious about the proper finance allocation as the tenders are still not transparent in Kharkiv. “The opportunity to build two new metro stations fast is great. Currently, the most important thing is to closely watch the process so that half of the money would not be stolen,” says the activist Ihor Chernyak.

Text: Olena Sokolynska

Photo: Kharkiv Observer