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EBRD Supports Ukraine's Agribusiness:
Lends €24 Million to Company MHP
By Vanora Bennett, EBRD
London, UK, Fri, Jun 17, 2022
This project is part of €1 billion, EBRD, its donors and partners pledged to invest this year, supporting Ukraine's economy.
- EBRD lends €24 million to leading Ukrainian poultry and grain producer
- EBRD Resilience and Livelihood framework aims to support economy and jobs
- Project is part of €1 billion EBRD activity in Ukraine this year, with donors and partners
The EBRD is extending €24 million to its agribusiness client in Ukraine, MHP. The financing will provide MHP with working capital to support its crop farming operations.
The project is part of the EBRD’s Food Security Ukraine package, within the Resilience and Livelihoods Framework adopted by the Bank to support the country’s economy after Russia invaded on 24 February. Legal due diligence for the project is fully funded by Japan.
The Framework's objective to help sustain the provision of services and safeguard business activities in Ukraine, with the ultimate goal of preserving livelihoods.
MHP, part-listed on the London Stock Exchange, is one of the leading vertically integrated poultry, grain and edible oil producer with operations in Ukraine and the Western Balkans. In Ukraine, MHP is engaged in all stages of poultry production, and is also a major producer of grain and edible oils. In 2021, MHP produced 704 thousand tonnes of chicken meat and 252 thousand tonnes of edible oils and harvested 2.6 million tonnes of grain. The company employs 29,000 people.
With donors and partners, the EBRD has pledged to invest €1 billion this year in supporting the Ukrainian economy.
To address the economy’s current needs, the EBRD is prioritising five areas: trade finance, energy security, vital infrastructure, food security (covering the provision of liquidity to farmers via banks for the spring sowing campaign as well as to agribusiness companies and food retailers) and the provision of liquidity to pharmaceutical companies.
The EBRD was swift to condemn the Russian invasion of Ukraine on 24 February and pledged to stand by Ukraine. In early April, the EBRD’s Board of Governors voted to suspend open-endedly the access of Russia and Belarus to EBRD finance and expertise, and the Bank has closed its offices in the two countries.
As well as providing a €2 billion resilience package for Ukraine and neighbouring countries affected by the war, the EBRD has pledged to help finance Ukraine’s reconstruction once conditions permit.