Press Conferences

Epicenter K plans to invest over $1.2 bln in development of group in 2021-2022

KYIV. Jan 14 (Interfax-Ukraine) – The Epicenter K Group of Companies plans to invest over $1.2 billion in its development over the next two years, in particular, plans to raise a loan from the Dutch bank ING, Director General of the group Petro Mykhailyshyn has said.

"At the end of last year, we invested $375 million, while creating 1,350 new jobs. In 2021-2022, we have planned $1.22 billion in investments, which is several times more than last year," Mykhailyshyn said at a press conference at Interfax-Ukraine on Thursday.

"We hope and intend this year to make an unprecedented investment in the development of all segments of our company, all businesses, and this is construction activities, the agricultural sector, the production of ceramic tiles and other building materials, as well as the development of logistics fulfillment centers," Mykhailyshyn said, announcing the plans.

According to him, the investments will, in particular, be channeled to the purchase of Dutch equipment Vanderlande for the logistics center in Kalynivka (Kyiv region) and four fulfillment centers in the regions. He added that for this, the company intends to sign credit agreements with international banks.

"For this, international banks, together with state-run insurance companies, are ready to provide a loan on unprecedented terms within the framework of the export support program for these countries. We already have experience of such work," he said, adding that the company will cooperate with the Dutch bank ING and insurance company Atradius.

Mykhailyshyn said that the planned loans have an effective rate of up to 3% per annum for a period of seven to 10 years. However, according to the terms of the loan agreement, the company is required to raise its own funds up to 30% of the loan amount. At the same time, he said that quarantine restrictions prevent the company from making a profit.