Early Warning System

Regions

Europe and Central Asia

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

Countries

Ukraine

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

Specific Location

Kyiv

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

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

Mar 25, 2026

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

Stolitsa Group LLC

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

Sectors

Construction
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)

$ 35.00 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.

Project Cost (USD)

$ 135.00 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.

Bank Documents

PSD Translation (Ukrainian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS May 2, 2026

Disclosed by Bank Mar 6, 2026

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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 senior secured loan of up to USD 35m equivalent in UAH (or EUR / USD) to Stolitsa Group LLC, the main Ukrainian operating entity of Stolitsa Group, a leading residential developer in Kyiv. The EBRD loan comprises (i) financing the development of a phase of the Varshavsky residential project in Kyiv, Ukraine, and (ii) financing of future phases of the Varshavsky residential project and/or other residential projects developed by the Group.

The Project will support delivery of a phase of Varshavsky, a large master-planned residential district in Kyiv, by providing local-currency financing with a bullet repayment structure to complete five residential buildings and bring units to market without excessive reliance on pre-sales.

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 2024). Environmental and social risks associated with the construction of five residential buildings are siteispecific and can be addressed through standard mitigation measures.

An Environmental Impact Assessment ("EIA") for the residential environment has been completed in accordance with national legislation and has received a positive conclusion from the competent authorities. It has been confirmed that the project activities are located within previously approved urban plots, and no protected areas, critical habitats, land users, or cultural heritage sites will be affected. It has been also confirmed that there are no economic displacement and resettlement.

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 senior secured loan of up to USD 35m equivalent in UAH (or EUR / USD).

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.

Stolitsa Group is one of Kyiv's leading residential developers, consolidated under Cyprus-based holding company Elakol Developments Limited. The Group focuses primarily on large-scale master-planned residential districts in Kyiv and the Kyiv region, targeting mid-market housing segments with integrated social infrastructure. The Borrower, Stolitsa Group LLC, is the main Ukrainian operating entity responsible for project implementation.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Stolitsa Group LLC	Client	-

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.

No contacts available at the time of disclosure.

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