KIEV, July 4 (Xinhua) -- The European Bank for Reconstruction and Development (EBRD) said on Tuesday that it could offer Ukraine a loan worth 150 million euros (about 170 million U.S. dollars) to upgrade its railway network.
In a statement released on its website, the EBRD said it is in talks with the state-run Ukrainian Railways company over jointly financing the project for the electrification of 253 km railway line in southern Ukraine, including connecting the railway line to the high voltage grid and installing a second track in single track sections.
The main purpose of the project, with a pricetag of some 417 million dollars, is to improve efficiency and to enhance the logistics of the Black Sea ports in Odessa and Mykolaiv regions, which are Ukraine's main gateways for grain exports.
The EBRD board of directors will decide on the disbursement of the loan in September.
Last month, Ukrainian Railways said it plans to invest up to 6.1 billion dollars within the next five years to modernize the country's railroad infrastructure.
