-- The European Investment Bank will provide advice on infrastructure development under the a project preparation initiative dubbed Ukraine First, which was created by the European Commission and European Bank for Reconstruction and Development, the EIB said on Tuesday.
The EIB will seek to carry forward large-scale infrastructure plans into fully-fledged projects, including some in the energy sector, that are ready to seek financing and construction, it said in a statement.
That preparatory work will include feasibility studies, technical design and environmental assessments, the EIB said.
Initially, the bank's work will focus on the road network in southern Ukraine, while work will also take place on the restoration of critical infrastructure such as road, energy and railway networks.
The EIB signed a deal in Kyiv with the Ukrainian Ministry of Economy, Environment and Agriculture, confirming the cooperation, it said, with a framework now in place for investment projects to take place as Ukraine pursues its ambition of EU membership.
"This agreement is an important step in supporting Ukraine's recovery and EU accession plans through well-prepared investments," said EIB Vice President Karl Nehammer. "Strong project preparation is essential to ensure that infrastructure investments are delivered efficiently, attract financing and meet European standards."
Ukraine First stands for Facility for Infrastructure Reconstruction and it currently has 40 million euros ($46.8 million) in funding available.
EIB Advisory will start work on the M15 highway that runs between Odesa in southern Ukraine to the Romanian border, providing a transport plan for the Odesa region and helping to modernize this key road.
The EIB has since its 2007 arrival in Ukraine, provided more than 4 billion euros in project financing to the country.