Kyiv city administration has signed a memorandum of understanding with Japan's ITOCHU Corporation on January 28, 2011.

The administration's press service noted that the memo indicates intensions of the two sides to collaborate between each other on the way of receiving of a 30-year credit by Kyiv Metropoliten with 1.5% interest rate per annum.

Kyiv city administration head, Oleksandr Popov admitted that the attraction of foreign investment in the Kyiv's economy is a very urgent issue for Kyiv authorities. Particularly, top priorities for Ukraine in partnership with Japan are the construction of a subway line to Troyeschyna District and purchase of equipment.

A representative of ITOCHU Corporation expressed the company's interest in direct participation in projects on upgrade of Kyiv's subway and building of new subway lines. He noted that in the future the company is ready to discus its participation in city programs on water purification.

It is expected that in February, the leadership of ITOCHU Corporation would report on the issue in the Economy, Trade and Industry Ministry of Japan.