17:37 01.07.2020

EIB will issue EUR 50 mln for building new premises for UNIT.City

2 min read
EIB will issue EUR 50 mln for building new premises for UNIT.City

The European Investment Bank (EIB), as part of a joint initiative with the European Commission - InnovFin Science, has agreed the issue of a loan of EUR 50 million for the UNIT.City innovative park.

According to a joint press release, the loan is provided as part of the EU's Horizon 2020 research and innovation program and is managed by the EIB.

"Ukraine and more specifically the Kyiv urban area lack a proper ecosystem for R&D and IT companies at all stages of development, from start-ups to expanding high-tech companies. With its dedicated InnovFin Science support, the EIB is now helping Ukraine to bridge this gap. This will strengthen the competitiveness of the country and its capital city and enable it to take full advantage of its skilled workforce," EIB Vice President Lilyana Pavlova stated.

"The EIB credit line provides up to 10 tranches of at least EUR5 million each. The funds are allocated for nine years with a very competitive annual interest rate for Ukraine. Money will be allocated for the construction of new campuses of the innovation park - B15, B16, B17, U1 - with a total area of 70,000 square meters. The total cost of the project (including components financed by the EIB) is estimated at EUR 110 million. Thus, about half of the estimated costs will be financed by the EIB," the report on the bank's website says.

"The project promoter and the EIB loan borrower is Unit Holdings LLC, a company established by UFuture Group. The project is expected to be completed by 2023 and it will generate up to 2,400 temporary jobs and increase permanent employment within the promoter's business by 549 full time jobs. Indirectly, the project will support around 15,000 jobs in the tenant companies present at the UNIT.City innovation park," according to the report.

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