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The European Bank for Reconstruction and Development (EBRD) which completed an investment project in Lviv to modernize the road network and public transport in 2009, is preparing a new credit project for 11 million euros to upgrade the tram network of the city, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
Analysts say that the terms of the EBRD investment project are very beneficial, because of the 5.5% interest rate. The loan is issued for 7 years with one year of grace.
"This investment project will allow Lviv Electric Transport Company to offer more competitive and high-quality public transport services. Better and more reliable road infrastructure will also help develop tourist attractions and significantly unload the historic center," said Jean-Patrick Marquet, Director of the Department of Municipal and Environmental Infrastructure of EBRD at the contract signing ceremony between the bank and the Lviv municipality.
Experts note that the loan will expand the loan portfolio of the EBRD infrastructure projects in Ukraine, and Lviv will become the largest municipal partner of the bank in Ukraine.
The new investment is a strategic extension of the first project, which was initiated by the city and the EBRD in 2009 (38 million Euros), and whose larger part has already been successfully completed. The previous project dealt with reconstruction of the tram tracks, roads and related infrastructure along the two busiest roads in Lviv, introduction of traffic management system, funding of infrastructure modernization for the tram depot, as well as procurement of rolling stock.