Investment Tenders on Construction to be Conducted in Kyiv

On May 24th the Kyiv City Council adopted the Procedure Regulations for Conducting Investment Tenders for Construction, Reconstruction, Restoration of Objects of Living and Non-living Destination.

Pursuant to this document Chief Department for Economy and Investments of Kyiv City Administration will be in charge of preparation and conducting of the invest tenders. The novelty also presupposes principle of so-called "one window", as all package of permit documentation will be prepared by the state officials in course of one month and will be presented to the tender's winner.

According to the Deputy Head of Kyiv City Administration Mr. Denys Bass stated that first tender based on the approved regulations might be conducted already at the end of June. Also, it was noticed that new regulation procedures will give new impetus to large inflow of domestic and foreign capital into the Kyiv City construction sector.

According to the experts, the document contains several controversial issues. In particular, it is stipulated that public hearings in regards to investment projects may be conducted upon necessity; also investment tender can be considered valid even if one participant is involved. Market operators see these provisions as stimulating corruptive schemes.

Source: American Chambers of Commerce