NovaSklo Partners with IFC to Establish Ukraine’s First Flat Glass Production Facility

NovaSklo, part of the investment company EFI Group, today signed an Engagement Letter Agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to support the establishment of Ukraine’s first modern float glass production facility, helping address the country’s rapidly growing demand for glass products to support its reconstruction.

Float glass is a flat sheet of glass used for a range of applications, including windows, mirrors, tabletops, automotive glass, and solar panels. NovaSklo, a wholly owned subsidiary of EFI Group, a diversified Ukrainian industrial development company, will lead the project’s implementation. According to the agreement, IFC, in partnership with Japan, will provide NovaSklo with advisory services and capacity-building assistance, focusing on feasibility analysis, risk assessment, and the adoption of international best practices in project development and sustainability, with the objective of supporting the company in attracting long-term financing for the development of the project in the future.

With an estimated investment of approximately €250 million, the project will create over 300 new jobs, with additional employment generated through local suppliers, logistics providers, and related industries. The project will also introduce state-of-the-art technologies for energy-efficient and environmentally friendly glass manufacturing, reduce reliance on costly imports, and contribute to the emergence of a new industrial sector in Ukraine, thereby strengthening the country’s economic resilience.

“IFC’s support is an important signal of trust in Ukrainian investment projects,” said Igor Liski, Founder of EFI Group. “Together with our partners, we are investing world-class expertise to create a powerful construction materials industry in Ukraine. This approach will enable the development of benchmark industrial facilities in the country. We believe in the future of Ukrainian industry and are ready to invest in the country’s industrialization even during wartime.”

The project envisions the construction of a state-of-the-art float glass plant in the Kyiv region. The NovaSklo project will aim to adhere to the IFC Sustainability Framework to ensure that the new facility meets highest international standards in environmental protection, occupational health and safety, and social responsibility.

“Ukraine continues to demonstrate remarkable resilience and strong potential for economic recovery,” said Ines Rocha, IFC’s Division Director for Western Europe, Central & Eastern Europe, Ukraine & Moldova. “NovaSklo is a clear example of how Ukrainian entrepreneurs are ready to build modern industrial facilities even under challenging circumstances. IFC has extensive experience in supporting industrial projects around the world, and we are pleased to share this expertise with Ukrainian businesses.”

NovaSklo has also entered into a technical partnership agreement with the Nippon Sheet Glass Group, one of the world’s leading glass manufacturers and a global industry innovator from Japan, to provide technical expertise and advanced process solutions.

Following the completion of the preparation phase, the project aims to attract long-term financing for the project’s development, with IFC as the lead partner in providing and mobilizing the required financing. This agreement marks an important milestone in the development of  Ukraine’s industry and demonstrates the confidence of international financial institutions in the country’s investment potential even in challenging times.