You're reading: China confirms $15 billion investment in Ukraine’s construction market

Chinese company CITIC Construction Co., Ltd is ready to invest $15 billion in the Ukrainian construction industry to alleviate the shortage of affordable housing in the country.

According to the press service of the Ministry of Regional Development, Construction, Housing and Utilities Services, authorized representatives of the Ukrainian ministry and the Chinese Corporation signed the corresponding memorandum in Kyiv on March 26.

The memorandum foresees Ukraine obtaining a loan totaling $15 billion from Chinese credit institutions and organizations at a minimum interest rate for 15 years with the possibility of extension.

A pilot investment project worth $1 billion will be implemented in Ukraine.

CITIC is considered as a general contractor and customer for the project’s implementation, while the ministry will be engaged in project preparation and implementation.

The memorandum provides for the development of public housing policy, affordable housing construction, social housing fund formation, youth housing construction, lending to rural developers, and the implementation of infrastructure projects.