Harmful partnership: Vlada Molchanova’s Stolitsa Group requests $35 million from EBRD amidst protests from Kyiv locals against the depletion of green areas

Harmful partnership: Vlada Molchanova’s Stolitsa Group requests $35 million from EBRD amidst protests from Kyiv locals against the depletion of green areas

The controversial developer “Stolitsa Group” is seeking to obtain $35 million from the EBRD.

Vlada Molchanova, under investigation by NABU for corruption crimes, expects a loan from EBRD for $35 million — the funds will go toward completing the residential complex «Varshavsky».

A number of public organizations and the capital’s activists have spoken out against this!

They appealed to the European Bank for Reconstruction and Development (EBRD) regarding risks associated with the possible financing of construction projects by the Ukrainian developer group Stolitsa Group (project details).

An appeal with signatures from several Kyiv NGOs was sent for EBRD’s consideration.

According to the active community of the capital, Stolitsa Group systematically selects green areas and territories with high ecological and recreational value for construction. The company’s activities do not comply with the European Union’s sustainable development principles, including the sustainable development principle, the prevention principle, the integration principle, the precaution principle, the public participation principle, the ecosystem approach, and the principle of sustainable urban development.

Therefore, they ask the EBRD to refrain from providing financing to projects related to Stolitsa Group until full compliance with international sustainable development standards and ecological and social principles is ensured.