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On November 28, the European Investment Bank (EIB) and the city of Kyiv signed a memorandum of understanding on the renewal and modernization of the city’s traffic infrastructure.
The two sides will work together to facilitate much-needed work on the city’s transportation infrastructure, including the modernization of the Kyiv Metro rolling stock. The current estimated value of the project is 450 million euros, with the intention of ending Kiev’s reliance on Russian metro rolling stock and accompanying spare parts. Currently, 80% of the city’s metro cars are Russian-made, and more than half of those are in need of modernization, upgrading or replacement.
In addition, Kyiv and EIB Global, the development arm of the EIB Group, will begin preparing a number of other projects, such as the expansion of the Kyiv Metro at an estimated cost of over 500 million euros and the reconstruction of social housing affected by Russian bombing.
“Despite this terrible war, we are planning many interesting and promising projects that will, first of all, be profitable as investments.” Second, they will help us overcome the consequences of the war and build a Greater Kyiv that is innovative, sustainable and successful. said the mayor of Kyiv Vitaliy Klitschko.
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