Parliament ratifies USD 400 mln IBRD road loan
17 July 2009
The Verkhovna Rada approved the agreement with the International Bank for Reconstruction and Development, a member of the World Bank Group, on a USD 400 mln loan. Vadim Gurzhos, head of Ukravtodor, Ukraine’s state roads service, said in March that the World Bank was prepared to loan Ukraine USD 400 mln over 17 years (with an option to prolong the loan to 30 years); the first five years the loan will have a floating rate of up to 1.5% p.a. Ukravtodor plans to use USD 300 mln of the loan to repair and rebuild the Kyiv-Kharkiv highway and USD 100 mln to repair national road routes that are in critical need of work.
