Kyiv-based industrial and construction group (ICG) Kovalska raised EUR32 mln credit from Invest International (the Netherlands) to build two factories in Lviv region, according to group general director Serhiy Pylypenko.
Kovalska started construction of two new factories (for dry mixes under Siltek trademark and for concrete production) in Lviv region at the beginning of 2022, with total investments supposed to exceed EUR60 mln just for the first stage. According to Pilipenko, as of February 2022, more than EUR15 million had already been invested for the purchase of equipment and building structures, but with the outbreak of war, the project was frozen.
“Finding funding under war conditions was a “starry-eyed” task. During shelling and air raids, we continued to negotiate with international financial institutions, but in response we heard only words of support and compassion. No one was prepared to give real money. But we got the result we needed. Invest International (the Netherlands) decided to grant EUR 32mln project financing to Kovalska”, Mr. Pilipenko said on Facebook.
According to him, the construction of the plants will start “closer to summer”.
PSG Kovalska has been working on the construction market of Ukraine since 1956. It combines more than 20 enterprises in the sphere of extraction of raw materials, production and construction. The production is presented by brands “Concrete from Kowalska”, “Avenue”, Siltek and others. The enterprises of Kowalska operate in Kyiv, Zhytomyr, Lviv, Kherson and Chernihiv regions.
In addition, the group includes Kovalska Real Estate, which is engaged in construction of residential buildings in Kiev. In its portfolio – more than 20 completed residential projects.
Invest International, KOVALSKA, LOAN
