KIEV, Aug. 2 – The European Bank for Reconstruction and Development is considering a sovereign loan of up to EUR 450 million in order to support the rehabilitation and upgrading of road approaches to Kiev and performance-based road maintenance contracts for the M-06 road, which will be introduced on a pilot basis in Ukraine.

The board date is fixed for September 28, the EBRD said in a statement on Monday.

The total project cost is estimated at EUR 1.150 billion, including an EBRD sovereign loan of up to EUR 450 million to be provided in two tranches. The first tranche is designed for M-06 (Kiev-Chop) and M-07 (Kiev-Kovel-Yahodyn) and the second tranche for M-01 (Kiev-Chernihiv-Novi Yarylovychi), M-05 (Kiev-Odessa), N-01 (Kiev-Znamianka), R-02 (Kiev-Ivankiv-Ovruch), and the Zhytomyr 24km bypass (the widening from 1x2 to 2x2 lanes) on M-06.