72976
                   Ukraine: Second Road and Safety Improvement Project

                                SUMMARY OF DISCUSSIONS ∗

                               Meeting of the Executive Directors

                                       September 20, 2012


        Executive Directors approved the loan to Ukraine for the Second Road and Safety
Improvement Project in the amount of US$ 450 million on the payment terms and conditions set
out in the President’s Memorandum (R2012-0181).

        Directors expressed support for the project, noting its consistence with the FY 12-16 CPS
objectives and priorities. Directors also noted the harmonization of the Bank’s involvement in
Ukraine’s road sector toward building economic and financial sustainability and improving road
safety. Directors stressed the importance of sustaining sufficient financing for maintenance of
the road sector. In this regard, Directors underscored the need for an increased role of the private
sector. Directors welcomed the incorporation of an updated Governance and Anti-Corruption
Plan. Beyond the project, Directors encouraged close collaboration and cooperation with the
IMF.




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 This summary is not an approved record.