Ukrainian government directs €100 million to railway reconstruction and modernization
The Cabinet of Ministers, on the initiative of the Ministry of Development of Communities, Territories, and Infrastructure, decided to direct €100 million to Ukrainian Railways Ukrzaliznytsia within the new budget program.
Rubryka reports, referring to the Ministry of Development, that these are loan funds from the European Investment Bank (EIB) that arrived in accordance with the Agreement concluded in 2016 between Ukraine and the EIB on the modernization of Ukrainian railways.
The money will be used for the construction, modernization, and repair of railway infrastructure facilities, as well as for the purchase of freight cars and other means of transportation.
Railway transport is currently the main carrier of passengers and cargo in Ukraine. It plays a key role in defense capability and economic support.
The European Investment Bank is one of the largest creditors of Ukraine. Today, the portfolio of projects implemented by the EIB with the Ukrainian state, communal sectors, and businesses reaches more than €7 billion.
For reference. In June 2023, the European Investment Bank and Ukrzaliznytsia signed a grant agreement with the European Union in the amount of €6.7 million for the urgent needs of railway transport in Ukraine.
