Sberbank of Russia has opened a $232 million nonrenewable credit line to Cypriot UPD (Ukrainian Property Development) Holdings Limited, part of Kyiv Investment Group.
The credit was reported in a press release of the Ukrainian representative office of Baker&Mckenzie law firm, which was an adviser to the Cypriot company on Ukrainian legislation.
According to the press release, credit funds will be allocated to finance the construction of the Novopechersky Lypky and Park City residential complexes in Kyiv.
"UPD issues loans to Budspetsservice Ltd. and OJSC Troyanda Farm using credit funds," reads the report.
