UKRAINE - The European Bank for Reconstruction and Development (EBRD) continues to implement its assistance programme for its existing Ukrainian corporate clients by lending mweat processor Globino $13 million.
This is the latest project under the €150 million Ukrainian Corporate Support Facility, approved by the Bank in April 2014.
The meat processor, based in the Poltava region, will use the $13 million loan from the EBRD to address its liquidity and working capital needs as well as to overcome the difficulties and constraints caused by the financial crisis and the reduced availability of external funding.
In 2011 the EBRD signed a US$ 25 million loan to Globino Group for the modernisation of “Globinsky Meat Plant” and “Globinsky Pig Complex”.
Sevki Acuner, EBRD Director for Ukraine, said: “We know how important the agribusiness sector is for the Ukrainian economy.
"We welcome this signing because it allows us to support the growth of a strong local company.
"This new loan demonstrates our continuous commitment to Globino as a long-term partner.”
The Bank is continuing to commit more resources to support the agribusiness sector, a key growth driver of the Ukrainian economy. Over $160 million (€116 million) has been provided by the EBRD to various agribusiness clients in Ukraine from the beginning of 2014.
The EBRD is the largest financial investor in Ukraine. As of the end of July 2014 the Bank had committed €9.2 billion ($11.5 billion) through 329 projects in the country.
TheMeatSite News Desk