The European Bank for Reconstruction and Development and the government of Ukraine signed an agreement allowing to significantly step up EBRD investments to the Ukrainian state and municipal sectors during three years, the EBRD press service reported.

The money will be directed to financing urgently necessary modernization of the Ukrainian infrastructure of transport, energy and public utilities, raising energy efficiency, the Cabinet's press office reports.

The agreement might increase annual investment volume to Ukraine in the state and municipal sectors up to 200-400 million EUR between 2007 and 2009. The average annual volume of investments to these branches during the recent two years amounted to some 180 million EUR.

The program will be an element of the new Strategy of the EBRD in Ukraine, which will be approved in late 2007.

The general volume of state and municipal sectors financing for the whole period of the program is to reach one billion EUR.


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