China Eximbank pledge $2 billion loan for Great Ring Road Project

On April 18, 2011, the Export-Import Bank of China signed a memorandum with the Government of Ukraine for a credit of $2 billion USD for the construction of the second ring road, known as Great Ring Road, around Kyiv. Prime Minister Mykola Azarov forecasted that construction of the second ring road around Kyiv will begin in 2011. However, as of October 2020, no construction has started on the road. The length of the ring road that is being designed is 213 kilometers. Along the route of the ring road are located eight bridges, including two across the Dnipro River, 28 two-level transport interchanges, and 78 overpasses. 65km of the ring road will be of existing roads and 148km will be new roads. The ring road will connect three international transport corridors that run through the territory of Ukraine, as well as four national highways. It will be designed to carry heavy traffic volumes, with eight lanes in all, four in each direction. In November 2019, China's Poly Changda Engineering was awarded an implementation contract to construct 148km of new roads. According to the 2020 Construction Europe article, the total project cost is €5.5 billion and the project is divided into six stages, the first of which – a 32.1km stretch connecting Chop and Odessa – is expected to be underway before the end of this year According to 2018 media articles, the majority of financing for the project will be provided by the Ukrainian Government and the Kyiv authorities, while the remaining funding will be provided by foreign investors and banks in the form of loans.

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