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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

KYIV APARTMENTS WARMER Ukrainian capital has been granted $200 million for reconstruction and modernization of it heating system

13 November, 2012 - 00:00

The World Bank for Reconstruction and Development has decided to invest $200 million into the modernization of Kyiv’s central heating system. Foreign bankers hope they will be able to get their money back in three or four years.

Their hopes may become reality since the heating system in every apartment will be equipped with a thermostat and meter. In case of payment delays, the heating will be switched off in one particular apartment and not in a whole apartment block. Meters and thermostats will not gladden those used to not paying, but they will be a boon for those who pay full price for low water pressure and no hot water.

According to Paul Sigelbaum, the World Bank representative in Ukraine, this investment does not mean that its attitude about the Ukrainian government, which is too slow in carrying out economic reforms, has changed for better.

The effectiveness of the modernized equipment will be so high that even in case of financial or macroeconomic crisis, the project will still be profitable for Ukraine.

Meanwhile, Ukrainian ministers claim they will be able to satisfy all IMF demands in order to attract a three year loan totaling $2.5 billion. The parties plan to start their new round of negotiations this June.

 

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