The European Investment Bank (EIB) and the Kyiv City authorities agreed to sign a memorandum recognizing the need for EUR950 million investment in the Ukrainian capital’s Metro system. Before the war, this system was heavily dependent upon Russian parts and equipment.
EIB stated that over 80% of Kyiv’s metro coaches were Russian-made and that they are in desperate need of modernization. The total investment required to modernize the metro system is estimated at EUR450m.
Both sides agreed that Kyiv Metro should also be extended. These tunnels have been used since the start of the war in Ukraine to shelter bombs. The additional EUR500m would be added.
Teresa Czerwinska, Vice President of EIB, stated that cooperation with Kyiv City would accelerate reconstruction of the capital following war and support sustainable urban growth. It also helps Ukraine integrate into the European Union.
The agreement was signed at the Kyiv Investment Forum in Brussels.
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