First ever major project in the Crimea financed by EBRD
The EBRD is providing a loan of up to €10 million to improve the water supply and the quality of water and wastewater facilities in the Greater Yalta region of Ukraine.
The project is a response to environmental and health issues in this Black Sea resort area on the southern coast of the Crimea that is a holiday destination for millions of tourists from Ukraine and the Commonwealth of Independent States (CIS).
The loan to the Yalta Water and Wastewater Management Utility will help to modernise municipal water treatment facilities and water distribution networks, construct clean water reservoirs, replace old pumps and also modernise and upgrade the wastewater network.
The project is being co-financed by the Swedish International Development Cooperation Agency (SIDA), which is providing a grant of up to €5 million towards the completion of the project.
As well as improving the quality of services to the people of the Greater Yalta region, the project also aims to make the utility more efficient and more commercially viable. The investment includes the development and implementation of a new tariff methodology and the achievement of meter-based billing for all customers.
Jean-Patrick Marquet, EBRD Director for Municipal and Environmental Infrastructure said: “The timing of the project is crucial as the Crimean municipal water infrastructure has been suffering from under-investment for decades and was posing a clear threat to the unique environment of the peninsula and the Black Sea basin”.
The EBRD is the largest financial investor in Ukraine. To date, the Bank has committed over €7.4 billion (US$ 9.76 billion) through 293 projects.