KIEV - A consortium of two Chinese companies on Wednesday signed a cooperation agreement with the city of Kiev on building a fourth metro line in the Ukrainian capital.
Under the cooperation agreement, the Chinese consortium will build a metro line with a length of about 20 kilometers linking Kiev residential district of Troyeschyna with the central business district.
Consisting of 13 stations, the line is set to reduce the traffic jam in Kiev and ease the movement for about 500,000 Troyeschyna residents or 17 percent of the city population.
The deal was inked by Kiev Mayor Vitali Klitschko, vice board chairman of the China Pacific Construction Group Guo Qing and deputy head of China Railway International Group Song Guangsen during a ceremony in Kiev City State Administration.
The agreement followed a Memorandum of Understanding signed by the two sides in May during the Belt and Road Forum for International Cooperation in Beijing.
Addressing the signing ceremony, Klitschko hailed the international experience of the Chinese companies in railway and tunnels construction, expressing the hope for the successful implementation of the subway line project in Ukraine.
"We have an understanding and a common desire to work. I am confident that there will be a result, there will be a success, and this project will be implemented," Klitschko said.
Meanwhile, Guo said the Chinese consortium is pleased to carry out the project, which will improve the lives of Kiev residents and further promote China's Belt and Road Initiative in Europe.
"Our two companies turn their attention to Europe and start building projects in Europe in line with the Belt and Road Initiative," Guo said.
Worth about 2 billion U.S. dollars, the project on building a metro line in Kiev is expected to start at the end of 2018 and finish within four years.
The Kiev administration will provide 15 percent of the funds for the project. The city hopes to attract the rest of the sum as a loan from Chinese financial institutions under the Ukrainian government guarantees.
Kiev currently has three subway lines with a total length of 69.6 kilometers, which provide services for about 1.32 million passengers per day.