The European Bank for Reconstruction and Development (EBRD) is planning to issue a loan of €450m ($590m) to co-finance road projects in Ukraine.

The loan will be used to support upgrade works on road approaches in the Ukrainian capital Kiev as well as road maintenance contracts for the M-06 road.

The total project is estimated to cost €1.150bn ($1.5bn), including the EBRD loan of €450m that will be provided in two tranches, according to

The first tranche will be used for sections of the M-06 and M-07 and the second tranche for the M-01, M-05, N-01, R-02 and for widening a 24km bypass on the M-06.