Early Warning System

Countries

Ukraine

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Aug 5, 2025

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Carpathian Mineral Waters LLC

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Agriculture and Forestry
Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 12.74 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 11
Converted using 2025-08-05 exchange rate.

Project Cost (USD)

$ 27.79 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 16, 2025

Disclosed by Bank Aug 6, 2025

Contribute Information
Can you contribute information about this project?
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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of a EUR 11 million senior secured long-term loan to Karpaty Mineral Water Group, a Ukrainian beverage producer. The loan will be used to finance the construction and commissioning of a greenfield beverage production plant with an annual effective capacity of 200 million bottles of beverages in Lviv region, Western Ukraine. The new facility uses modern equipment, ensuring significantly improved resource efficiency compared to the existing plant.

The Project is expected to enhance the Group's competitiveness, improve its production efficiency and environmental footprint.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Category B (ESP 2019). The environmental and social due diligence (ESDD) for the Project has been undertaken by the independent E&S consultant and included a review of all available information, interviews with the KMW's representatives, the site visit and an environmental and social audit to assess the client's management capacity and systems to manage environment, health, safety and labour issues in its operations and an analysis of the potential future E&S impacts and risks specifically related to sustainable water use and management, sensitivity of the water source and E&S risks related to the groundwater abstraction.

The ESDD identified that the Project is situated in the region with the groundwater resources already affected by a high density of water users, including municipal utilities, private abstraction wells, and agricultural operators.

The ESDD confirmed that the Project does not involve land acquisition, displacement, or resettlement. The Project sites are located outside nature conservation zones, Ramsar sites, or Emerald Network areas. Biodiversity assessments confirmed the absence of rare species or sensitive habitats. Similarly, no cultural heritage sites are located within the Project footprint, and no impacts are anticipated.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

A EUR 11 million senior secured long-term loan.

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Carpathian Mineral Waters LLC, incorporated in Ukraine, is a production company of Karpaty Mineral Water Group ("KMW"), one of the leading beverage producers in Ukraine focused on production of mineral water, flavoured mineral water, soft and energy drinks as well as snacks.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Carpathian Mineral Waters LLC	Client	-
-	-	-	-	Karpaty Mineral Water Group	Parent Company	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

COMPANY CONTACT INFORMATION

Sergii Ustenko
office@kmw.com.ua
https://kmw.com.ua/en/

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html