The European Bank for Reconstruction and Development (EBRD) has signed a road safety declaration along with seven other multilateral development banks (MDBs).

The seven other MDBs that are part of this initiative are African Development Bank (AfDB), Asian Development Bank (ADB), Development Bank of Latin America, European Investment Bank (EIB), Inter-American Development Bank, Islamic Development Bank and World Bank.

Under the road safety declaration, the banks will make efforts to cut traffic-related deaths and injuries.

Each year, nearly 1.25 million lives are lost in road accidents and are considered to be a rapidly growing public health hazard.

The initiative recognises the importance of road safety and will become one of the MDBs sustainable development goals.

Additionally, the new initiative also contributes to targets set by the United Nations Decade of Action for Road Safety.

EBRD Sustainable Infrastructure Group managing director Nandita Parshad said: “Our Bank has invested almost €44bn in various sustainable infrastructure projects and a significant part of these funds was used to build and upgrade roads in the region.

“As responsible investors, we are taking road safety issues very seriously and are committed to contribute to sizeable improvements. We believe that joint action with our fellow MDBs is the right way forward and today’s statement is an important milestone in this process.”

EBRD further added that it will continue to support road safety improvements through its investments in road rehabilitation projects, as well as through raising the awareness of road safety in project design.

Earlier this month, EBRD agreed to provide a loan to Ukraine to support road infrastructure development at the regional level.

As part of this initiative, EBRD will provide €40m for the reconstruction of two regional highways spanning 95.3km in Dnipropetrovsk region.

A loan of €25m has been sanctioned for the construction of a bridge over a railway line.