CMS Cameron McKenna Nabarro Olswang in Kyiv has advised the European Investment Bank (EIB) in relation to a €50 million loan to Ukraine’s first vertically integrated innovation park UNIT.City. The EIB loan will be used to finance the Ukrainian Innovation Campus Project, a state-of-the-art technology campus in Kyiv, and will cover the design, renovation and construction of new, tailored facilities and structures in UNIT.City.
The Ukrainian Innovation Campus Project will be supported by InnovFin Science, a joint initiative from the EU Commission and the EIB that promotes research and innovation investments by public and private bodies. It will contribute to creating one of the biggest hubs merging dedicated infrastructure with an innovation ecosystem for IT and technology companies in Central and Eastern Europe.
The project is also aimed at bringing together start-ups and IT training, high technology companies and R&D centres, incubators and accelerators within a 25ha inner-city site. The facility will include a non-profit IT education academy and multifunctional office space for technology-driven companies. The project is expected to be completed by 2023.
Ihor Olekhov, Head of the Banking and Finance practice of CMS Cameron McKenna Nabarro Olswang in Kyiv comments: “We are pleased to have assisted the EIB on its significant investment in a landmark IT project that will help Ukraine and more specifically the Kyiv urban area to develop a technologically-advanced ecosystem for R&D and IT companies across the board, from start-ups to thriving high-tech companies. We will continue to support EIB where required to bring this project to a resounding success.”
CMS team advising EIB included Ihor Olekhov (Partner), Kateryna Chechulina (Counsel) and Khrystyna Korpan (Associate) in the Banking & Finance team.