The European Bank for Reconstruction and Development (EBRD) has announced that it is restarting work on assisting the Ukrainian government to modernise the Port of Chornomorsk (on the north-western shore of the Black Sea), which had paused after Russia invaded Ukraine last year.
The EBRD and International Finance Corporation (IFC) will help the Ukrainian government to establish a public-private partnership (PPP) to modernise the port. They will prepare a comprehensive contractual framework, set bidding criteria and tender rules, and liaise with potential investors, paving the way for a successful tender.
The EBRD says private sector-led investment and modernisation of the port, one of the largest in the Black Sea region, could increase Ukraine’s import and export capacity.
“The task of the future investor is to effectively manage the terminals of the Chornomorsk seaport and develop them,” said Oleksandr Kubrakov, Deputy Prime Minister for the Reconstruction of Ukraine and Minister of Community Development, Territories and Infrastructure, quoted by a ministry press release. “Ukraine will receive a concessional contribution and stable tax revenues to the budget every year. Private partnership will lead to significant investments, will allow to optimise transportation logistics and increase the quality of service provision.”
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