You're reading: World Bank confirms plans to invest in reconstruction of Kyiv

The World Bank has confirmed its plans to invest $800 million, under the Third Secondary and Local Roads Project, in the Poltava-Kharkiv section of M-03 Kyiv-Kharkiv-Dovzhansky highway.

The Infrastructure Ministry’s press service has reported that elements of the project and other aspects of cooperation were discussed at a meeting between First Deputy Infrastructure Minister of Ukraine Volodymyr Shulmeister and World Bank Transport Sector Manager for Europe and Central Asia Juan Gaviria.

Negotiations on the content of the project continued for six months. The reconstruction of the Poltava-Kharkiv section will be one of the largest World Bank investment projects in Ukraine. Thanks to the realization of the project, the transport corridor from Kyiv to Kharkiv, which is of a strategic importance to Ukraine, will be fully restored.

It is planned that the project will have two phases. The first is the improvement of road infrastructure on a 130-kilometer section. The second is the organization of measures aimed at increasing road safety, maintaining the state of roads and introducing the car weighing complex.

Both sides also discussed the prospect of cooperating in reforming Ukrzaliznytsia, the training of staff, and road safety.