On 28 November, the European Investment Bank (EIB) and the city of Kyiv signed a memorandum of understanding on restoring and modernising the city’s transport infrastructure.
The two sides will cooperate to enable much-needed work on the city’s transport infrastructure, including to modernise the rolling stock of Kyiv Metro. The current estimated project value is €450 million, intended to help stop Kyiv’s reliance on Russian metro rolling stock and related spare parts. Currently, 80% of the city’s metro coaches are Russian-made, with more than half of those in need of modernisation, upgrading or replacement.
In addition, Kyiv and EIB Global, the EIB Group’s development branch, will begin preparing a number of other projects, such as the extension of the Kyiv Metro at an estimated cost of over €500 million, and the reconstruction of social housing affected by Russian bombings.
“Despite this horrific war, we are planning many interesting and promising projects that, firstly, will be profitable as investments. Secondly, they will help us overcome the consequences of the war and build Greater Kyiv, which is innovative, sustainable and successful,” said Kyiv Mayor Vitali Klitschko.
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