EU bank supports key investments in urban road safety in Ukraine with €75m. Credit: © European Investment Bank.

The European Investment Bank (EIB) has agreed to provide a loan of €75m to finance urban road safety projects across five cities in Ukraine.

Cities that will benefit from the loan are Dnipro, Kharkiv, Kyiv, Lviv and Odessa. They have a combined population of around seven million.

Ministry of Infrastructure of Ukraine will be the project promoter, while the final beneficiaries of the EIB funds will be the municipal authorities of the five cities.

Investments will be used to eliminate dangerous road accident spots through better connections and modern traffic systems.

“EIB’s loan is expected to support the Ukraine government in its aim to reduce the number of accidents and casualties and to create a modern transport system.”

Intersections and junctions will also be upgraded and street infrastructure would be renovated along with improved access to public transport for local people.

Other improvements include the development of safe cycle and pedestrian networks, urban transport planning, the introduction of reduced speed in residential areas and school zones, and IT traffic management systems.

EIB vice-president Vazil Hudák said: “The EIB loan will help make Ukraine’s major cities safer and more livable thanks to an improved urban environment and a better road and transport system.

“This will transform those cities into more attractive places to live for their citizens, visitors and businesses alike, while also stimulating economic growth”.

The urban road safety project is also supported by a €4.25m EU grant provided by the Neighbourhood Investment Facility for project preparation, capacity building and monitoring.

EIB’s loan is expected to support the Ukraine government in its aim to reduce the number of accidents and casualties and to create a modern transport system.

The investment is also expected to encourage a shift to an environmentally friendly public transport system.