In some of the best news for the Ukrainian investment climate in months, the European Bank for Reconstruction and Development (EBRD) has given a verbal go-ahead for a $35 million Kyiv hotel project. In the bank's opinion the project is solid.
'The structure of the project in proposed equity and finance,' reads an EBRD memo on the proposal. 'Is transparent and efficient.'
'The project is sound and profitable and has only minor commercial risks,' memoed back Raffeisen Property Invest (RPI), a subsidiary of Austrian RaffeissenZentraleBank (RZB), '