USPA Plans Major Investments in 2017

The Ukrainian Sea Ports Authority (USPA) reported today that it will invest around $153 million in infrastructure projects during 2017.

According to USPA, the company is planning to allocate UAH 3.9 billion ($153 million) to finance infrastructure projects in the maritime sector.

This level of capital investment is provided by the financial plan of the enterprise, which was approved at the meeting of the Cabinet of Ministers of Ukraine on July 12, 2017.

The amount of funds that will be allocated for the implementation of infrastructure projects will be the largest in recent years. In particular, in 2016, 650.1 million UAH of capital investment was spent, while in 2017, this budget has been increased by six times,” said Raivis Veckagans, the Head of the USPA.

USPA reported that the main areas of capital investment will be construction of new facilities, modernization of the port infrastructure, and purchase of fixed assets.

The sources of funding of the projects will be own funds of the USPA (82% of the total amount of the capital investment in 2017) and funds attracted by international financial institutions (18%),” the company said.

The funds of the USPA will be allocated in accordance with directions for investment:

  • dredging — 1.74 billion UAH, which is 44% of the total amount of the capital investment in 2017;
  • construction and reconstruction of berths — 983 million UAH (25%);
  • acquisition of vessels (suction dredge) — 703.1 million UAH (18%);
  • construction of transshipment capacities — 112.9 million UAH (3%);
  • reconstruction of the access infrastructure — 102.4 million UAH (3%).