Ukraine to set up road fund

Ukraine needs up to UAH 50bn for the repair works on roads making them according to European standards, voiced Vladimir Omelian, the minister of infrastructure of Ukraine. Such amounts can help to make roads in Ukraine absolutely up to standards in 10 years, believes Vladimir Omelian. The step forward in this respect will become the state owned road fund, which will serve as a pool accumulating inflows from different sources to retread and recover the roads infrastructure in Ukraine. The corresponding law on formation of the fund was adopted on November 17 in the parliament. The law encompasses the launching of the fund not in 2017 but in 2018 to receiving 50% of the excise duty levied upon petroleum products.  In 2019, it will be 75% of the excise duty payments, and 100% in 2020. To note, Ukravtodor, the state owned road service company, has been allocated with UAH 19bn for the roads retreading and repair in 2016.