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AVELLUM advises EBRD on first financing of Academic Institution in Ukraine

December 2018 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”) in connection with a senior secured loan of up to EUR1.3 million to Private Higher Educational Establishment "Kyiv Medical University" (“KMU”).

The loan will be used by KMU to expand its dentistry and pharmacy education programs through the acquisition of a new campus building, which will accommodate additional 1,000 students per year (“Project”).

The Project will be the first occasion when EBRD is financing an academic institution in Ukraine.

AVELLUM’s senior partner, Glib Bondar noted the following: “Ukraine is becoming a more popular destination for medical education among international students and we are delighted to support our long-standing client, EBRD, on its first financing of a Ukrainian academic institution, bringing the positive impact, and facilitating the growth of the private educational sector”.

KMU is one of the largest Ukrainian private universities and the only private medical university of such scale (circa 2,700 students, with 30% being foreign students from 56 countries). The primary fields of specialisation for KMU are dentistry and pharmacy, taught in Ukrainian, Russian, and English. KMU is recognised as a medical academic institution by the World Health Organisation (WHO) and it is listed in the World Directory of Medical Schools, IMED, and Avicenna Database.

EBRD is the largest international financial investor in Ukraine. Since the start of its operations in the country in 1993, the Bank has made a cumulative commitment of almost EUR12.1 billion across some 400 projects in Ukraine.

The AVELLUM team was led by senior partner Glib Bondar, with support from counsel Maria Tsabal and junior attorney Anna Kalabska.