NovaSklo, part of Igor Lyska’s EFI Group, has signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to mobilize investment for the construction of Ukraine’s first float glass production facility. The collaboration aims to secure long-term financing for the project and provide advisory support throughout all preparation stages.
The total investment required for the project is estimated at approximately €250 million.
Under the agreement, IFC, in partnership with Japan, will support NovaSklo during the project preparation phase. Upon completion of this stage, the company plans to raise long-term investments, with IFC acting as the lead partner in securing and mobilizing the necessary funds.
Ines Rocha, IFC’s Regional Director for Western, Central and Eastern Europe, Ukraine and Moldova, commented: “Ukraine demonstrates remarkable resilience and significant potential for economic renewal. NovaSklo is an example of how Ukrainian entrepreneurs are ready to build modern industrial production, even under challenging conditions.”
Ukraine currently relies entirely on glass imports, as domestic production of flat glass has been absent since 2014. The country’s annual demand amounts to roughly 27 million m² of window glass, valued at around US$165 million. Experts note the need for at least one tempering line with a capacity of 200,000 m² per year to ensure stable supply of thermopolished glass.
The first sheet of float glass produced at the NovaSklo plant is expected by mid-2027, with annual production capacity projected at 25 million m² — equivalent to 75% of Ukraine’s pre-war float glass consumption.
Earlier projections anticipated the launch of at least two flat glass plants by City One Development (COD), owned by Valeriy Kodetskyi, in 2025. However, recent updates indicate that production will not commence before 2027.
As a result, the NovaSklo project may become the first fully operational float glass manufacturing facility in Ukraine, significantly reducing the country’s dependence on imports and meeting long-term demand for glass products across the construction and industrial sectors.
