Government approves support mechanism to investors who build arenas for Eurobasket 2015

Ukraine continues preparations for the holding the European Basketball Championship in 2015 in accordance with the plan.

The key facilities of the tournament are new multifunctional arenas that are being built by private investors on the basis of public-private partnerships.

The Cabinet of Ministers approved a Regulation on February 3, 2014 number 37, according to which the state will compensate to investors interest rates of loans attracted by investors to build arenas. Now the owners of arenas should as soon as possible to finalize the paperwork to receive a credit. Investors have already invested over UAH 339 million their own funds in the construction of the arenas.

"Preparation and hosting of the FIBA European Basketball Championship creates new opportunities for the development of Ukraine. The Championship will facilitate not only sports development, but promotion of a healthy lifestyle. The multifunctional arenas will be the adornment of the city, a favorite place for the rest of citizens. These facilities will create a new cluster of the economy, because arena-transformers can be used not only for the competitions in many sports, but also for many of cultural, entertainment events and exhibitions. Therefore, the state supports investors", Olexandr Vilkul, Vice Prime Minister and Secretary of the Steering Committee for the preparation and holding in Ukraine finals of the European Basketball Championship 2015.

The 39 European Championship in men's basketball will be held in September 2015 in Ukraine. 24 teams participate in the tournament and will hold 90 matches. There will be built 7 arenas: two arenas in Kyiv and one in Dnipropetrovsk, Donetsk, Lviv, Odesa and Kharkiv.

The Resolution defines the procedure for refund of interest rates of the credits that attracted by investors to build arenas. One of the conditions of state aid is that the basic requirements of financing the construction of arenas: 25% of the cost is investor’s funds, and 75% are credit, interest rates on which are reimbursed by the state.

Reimbursement will be held to the owners or customers of the building of sporting arenas for Eurobasket 2015 that are included in the relevant list approved by the Cabinet of Ministers.

"NOC “Eurobasket 2015” works with all investors who have committed to build the arena for the championship. Investors should sign contracts in the nearest future. We pay special attention to investors in terms of putting into operation of arenas and strict adherence to technical and operational requirements of FIBA Europe . These requirements are very high, and the arenas in terms of construction and organization of competitions of the highest level must meet them. This in turn allows us as organizers to host the tournament at the highest level", said the director of the NOC "Eurobasket 2015" Markiyan Lubkivskyi.

In addition, construction projects must comply with the specifications of world-class level and requirements of international sports organizations for international sporting events. Deadline for putting into operation of arena must be no later than June 1, 2015, and the object must be opened for visitors - not later than 1 July 2015.