The European Union has mobilized EUR 1 billion for the "Ukraine-EU Solidarity Lanes" initiative, which provides for the development of logistics routes for exporting Ukrainian agricultural products as an alternative to seaports, to increase grain exports from Ukraine, the CFTS portal reports, citing the Latifundist publication.
According to the publication, the European Commission will urgently dedicate EUR 250 million in grants to boost the Solidarity Lanes.
"For the short-term, we will support quick improvements, in particular with mobile equipment, to reduce waiting times and improve movement through the border crossing points and their access routes," the publication quoted the European Commission as saying.
In addition, the commission is mobilizing the Connecting Europe Facility (CEF) and EUR 50 million to support the infrastructure developments needed to further increase the capacity of the “Solidarity Lanes.”
According to the joint declaration, the European Investment Bank plans to invest up to EUR 300 million by the end of next year on projects that respond to the “Solidarity Lanes” objectives.
"The European Bank for Reconstruction and Development in 2022-2023 will invest the same amount. An additional EUR 100 million will come from the World Bank," the publication wrote.
