The FINANCIAL -- IFC, a member of the World Bank Group, and the city of Kyiv signed an agreement to work together to modernize the city’s public transport, improve waste management, and boost energy efficiency.
The Memorandum of Understanding aims to improve urban infrastructure in Ukraine’s largest city of about 3 million people, drive economic growth, and ensure the quality and sustainability of communal services. IFC will use tailored strategies and advisory support, identifying priority projects related to transport, energy and waste management sectors and supporting a plan to boost the city’s financial management practices, according to IFC.
“We are committed to making Kyiv a better place to live and work and turning it into a top investment destination with modern and reliable infrastructure. IFC’s support will help us ensure we are implementing the best possible solutions for the citizens of Kyiv, while also serving as an example for other cities in Ukraine,” said Vitaly Klichko, Kyiv mayor.
This collaboration is part of IFC’s Cities Initiative, an innovative approach to problem-solving for cities that creates markets and opens opportunities for increased investment.
“Cities are central to sustainable development and economic growth,” said Elena Bourganskaia, IFC Global Head for Water and Municipal Infrastructure. “IFC is using its global expertise to help Kyiv find the right solutions to fuel its growth and improve the quality of life for its residents, while also preserving its unique history and vibrant culture.”
IFC’s Cities initiative helps municipalities, utilities, and companies collaborate on pressing infrastructure needs. Since it was launched in 2014, IFC has established strategic relationships with 10 cities – Bogota, Buenos Aires, Belgrade, Izmir, Istanbul, Antalya, Kigali, Cape Town, Durban, and Bhubaneswar.
Over the past decade, IFC has invested more than $10 billion in 300 urban improvement projects and provided advisory services in more than 60 cities.