20 Feb 2023 17:45

Ukraine's Kovalska ICG attracts 32 mln euros from Netherland's Invest International to produce construction materials

MOSCOW. Feb 20 (Interfax) - Ukraine's Kovalska Industrial and Construction Group, Kiev, has attracted a loan from Invest International, the Netherlands, totaling 32 million euros in order to build two plants in the Lvov Region, Ukrainian media reported, citing the group's CEO Sergei Pilipenko.

"Invest International has decided to provide Kovalska with project financing totaling 32 million euros," Pilipenko posted on social media.

Kovalska ICG at the beginning of 2022 started to build two enterprises, one for the production of dry construction mixtures, and the other for the production of concrete, with total investments over 60 million euros at the first stage. According to Pilipenko, over 15 million euros had already been invested in procuring equipment and construction structures as of February last year; however, the project was frozen because of the developing situation.

Pilipenko notes that, "The search for financing was a task, 'with an asterisk'"; and the group held negotiations with international financial institutions, "though it received only words of support and compassion, as no one was ready to give real money."

Pilipenko noted that building would resume and start "closer to summer" thanks to financing from Invest International.

Kovalska Industrial and Construction Group has been operating in the construction market of Ukraine since 1956, and it unites more than 20 enterprises in the area of extracting raw materials, and manufacturing products and construction materials. There are over 20 completed residential projects in the portfolio of Kovalska Real Estate.