Yuschenko signs law ratifying financial agreement with EIB on building Rivne NPP-Kyivska high-voltage overhead transmission line

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Ukrainian President Viktor Yuschenko has signed a law on the ratification of the financial agreement between Ukraine and the European Investment Bank (EIB) on a project for the construction of a 750kV overhead transmission line linking the Rivne nuclear power plant (NPP) and the Kyivska power substation in Kyiv region.

The document has been posted on the president's official Web site.

Ukraine signed the agreement in Kyiv on October 8, 2008.

The financial agreement foresees the allocation of EUR 150 million under the project.

As was reported earlier, the Ukrainian parliament at the second attempt ratified the financial agreement between Ukraine and EIB on April 1, 2009.

According to the agreement, on December 19, 2006, the Council of the European Union invited the European Investment Bank to take part in the financing of selected projects interesting to the European Union in the transport, energy, telecommunications and environment infrastructure spheres in Eastern Europe, the south Caucasus, and Russia.

The Council of the European Union gave a guarantee from behalf of the EU in covering expenses on loans as a part of the project to the bank.

According to the agreement, the borrower proposed to implement a project on the building of a high-voltage overland line between Kyiv and Rivne 350 kilometers long and smaller facilities linked with the Kyivska power substation.

It is foreseen that the National Energy Company Ukrenergo would realize the project.