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EBRD PROVIDES US$ 20 MILLION TO UKRAINE’S INDUSTRIAL MILK COMPANY (IMC GROUP)
Major agricultural holding to receive pre-and post-harvest financing, address effects of climate change; dairy farming, corn, sunflower, wheat, soybeans, potatoes
U.S.-Ukraine Business Council, Wash, D.C., Fri, Jul 8, 2016
WASHINGTON, D.C.--The European Bank for Reconstruction and Development (EBRD) is providing a working capital loan of up to US$ 20 million to two subsidiaries of Ukraine’s Industrial Milk Company (IMC Group), http://www.imcagro.com.ua/en/ an agricultural holding that is listed on the Warsaw Stock Exchange and involved in corn, sunflower, wheat, soybean, potato and dairy farming, according to a news release this week from EBRD.
"The loan will provide much-needed pre- and post-harvest financing essential for the successful operations of this export-oriented business. By supporting this project, the Bank is pursuing its strategy to develop the local agribusiness sector, which is currently responsible for at least 16 per cent of Ukraine’s GDP.
EBRD said in their release the "IMC Group will also become the first Ukrainian company to undergo an EBRD-commissioned assessment of resource efficiency and climate change adaptation. The assessment, which will draw on best practice in the management of climate risk, will help IMC Group review its current farming and cultivation practices and compare them with the best international practice.
According to EBRD, ":The company is also expected to develop a strategy based on analysis of the risks and effects of climate change on IMC Group’s operations and cost structure."
NOTE: EBRD is the largest international financial investor in Ukraine. As at the end of June 2016, the Bank had made a total cumulative commitment of almost €12 billion through 364 projects since the start of its operations in the country.
NEWS: For the latest news about Ukraine go to the KYIV POST website: www.KyivPost.com.
The Kyiv Post of the ISTIL Group is a member of the U.S.-Ukraine Business Council (USUBC).
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