The European Bank for reconstruction and development (EBRD) and the government of Ukraine on Friday in London signed a Memorandum of understanding on the project of reconstruction of the road M05 Kyiv-Odessa to Cherkasy, Kirovohrad, Mykolaiv and Odessa regions with a length of 314 km, and construction of the Northern section of the bypass around the city with a length of 23 km.

As reported in the press release of the EBRD, the Memorandum was signed by Prime Minister of Ukraine Alexey Goncharuk and EBRD President Suma Chakrabarti.

The project will be implemented by the State Agency of highways of Ukraine (Ukravtodor). In this project, the EBRD will also support the enhancement of corporate governance and anti-corruption Agency, the reform of Ukraine road sector and implementation of measures to improve road safety.

The preliminary terms of the EBRD financing is the successful completion of the whole process of analyzing projects, including a feasibility study and an assessment of the impact on the environment, as well as final approval of these projects by the Board of Directors of the Bank, the report said.

According to the Agency “Interfax-Ukraine” on Friday, she will sign a similar Memorandum on this project with the European investment Bank (EIB).

As previously reported, the total amount of financing of this project the EBRD and the EIB will make up to eur900 million, each of the international financial institutions will provide financing in the amount of EUR450 million

The EBRD is the largest international financial investor in Ukraine. Since its inception in the country in 1993, the Bank assumed the total pledges of more than EUR14. 5 billion in the framework of the 450 projects.