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EBRD AND UKRAINE AIR TRAFFIC SERVICES AGREE ON EXTENDED COOPERATION
EBRD, Kyiv, Ukraine,
Tue, Dec 1, 2015
€41.2 million financing facility to UkSATSE to support priority investments, improve air traffic management and safety standards
The European Bank for Reconstruction and Development (EBRD) and the Ukrainian State Air Traffic Services Enterprise (UkSATSE) have agreed to prolong their cooperation under an air navigation system modernisation project originally negotiated in 2012.
Under the new arrangement UkSATSE will utilise a long-term loan from the EBRD of up to €41.2 million, which will help it implement the investment programme approved by the European Organisation for the Safety of Air Navigation (Eurocontrol).
The loan provides UkSATSE with a flexible financial solution to implement priority investments that are aligned with the current situation in Ukraine and the different geo-political situation, bringing it towards compliance with the applicable EU performance standards.
The investment programme comprises the replacement and modernisation of UkSATSE’s communication, navigation, surveillance and data processing equipment.
It is of particular importance to both UkSATSE and Ukraine, as it enhances the safety and security of the air navigation service provision over the Ukrainian territory and helps increase flight efficiency for airspace users. It also contributes to harmonising UkSATSE’s standards of operations with the Single European Sky (SES) programme.
The project is expected to be supported by a parallel loan of a similar size and nature from the European Investment Bank (EIB).
This project is the second air navigation project that the Bank has financed in Ukraine since 1998. The first project was successfully implemented and facilitated UkSATSE’s membership of Eurocontrol in 2004.
The EBRD is the largest international financial investor in Ukraine. As of 26 November 2015, the Bank had a total cumulative commitment of over €11.9 billion in 351 projects throughout the country.