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RLF - Lviv Industrial Park JV



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

18 Nov 2022



PSD disclosed:

24 Nov 2022

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Equity investment for an up to 35% stake in a joint venture (the "JV", the "Company") with Dragon Capital Investment Limited ("DCI", the "Sponsor") with the purpose of developing Lviv Industrial Park, a modern multi-phase multi-tenant industrial park located at the borders of the city of Lviv, Ukraine (the "Project"). EBRD's investment in Phase 1 will be up to USD 5.5m. The total equity to be invested by EBRD in the Project through the JV will be up to USD 24.5m (including Phase 1 and future phases).   

Project Objectives

The Project will enable the Sponsor to develop Lviv Industrial Park and hence provide much needed industrial and logistics warehouse space in Western Ukraine. This will help to expand access to vital services and products, which are essential to sustain livelihoods in Ukraine and include food, health and emergency services.

Transition Impact

ETI score: 70

1) Inclusive - The Sponsor will expand access to vital services and products, which are essential to sustain livelihoods and include food, health, and emergency services by providing much needed warehouse infrastructure in Ukraine.

2) Green -  The Sponsor commits to achieving at least BREEAM "Good" or an equivalent green building certification for the Project and will thus address the low supply of green buildings in Ukraine.

Client Information


Dragon Capital Investment Ltd is a limited liability company incorporated in Cyprus and is part of Dragon Capital (the "Group"), Ukraine's leading investment and financial services firm established in 2000. Dragon Capital is one of the largest private investors in Ukrainian real estate.

EBRD Finance Summary

USD 24,500,000.00

Total Project Cost

USD 70,000,000.00


The Bank's additionality in the Project stems from several sources, including i) the Bank's Crisis response, as the Bank is effectively bridging a financing gap due to adverse market conditions; ii) the lack of adequate local equity markets; and iii) risk mitigation.

Environmental and Social Summary

Categorised B (2019 ESP). The Project has already been subject to the ES Due Diligence ("ESDD") that was carried out internally in 2021 as part of a previous project. It has been confirmed that any environmental & social ("ES") issues related to construction & operation of a warehouse will be limited and readily addressed by standard mitigation measures and the Sponsor has environmental and social management systems largely compliant with the EBRD requirements. Necessary mitigation measures to address potential E&S impacts, including  implementation of the life and fire safety master plan and improvement of contractor management and labour & OHS management have been included into the environmental and social action plan ("ESAP") and agreed with the Sponsor. The Project will be monitored in terms of its environmental and social performance and implementation of the ESAP through annual E&S reports and site visits when deemed necessary.

Technical Cooperation and Grant Financing


Company Contact Information

Volodymyr Tymochko

PSD last updated

24 Nov 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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