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EBRD supports Ukrainian wood processing company Zunami
€3 million loan and EU and GEF grant to contribute
to sustainable forest management
EBRD Ukraine, Kyiv, Ukraine,
Thu, June 13, 2019
- EBRD financial package of €3 million to Ukrainian wood processing company Zunami
- Investment supported by grants of €70,000 from EU under its EU4Business and US$170,280 from GEF under FINTECC
- New technologies will decrease waste by 23 per cent
The EBRD is contributing to sustainable forest management in Ukraine by supporting a major domestic wood processing company Zunami with the introduction of new waste management techniques aimed at reducing wood waste by 23 per cent or 3000 tonnes per year.
According to Global Forest Watch, more than seven per cent of forests in Ukraine were destroyed by massive deforestation over the last 15 years.
The Bank is providing a financial package of up to €3 million to finance the investment. This will be complemented by grant funding of up to €70,000 from the European Union under its EU4Business programme, and US$170,280 incentive grant, funded by the Global Environment Facility under FINTECC programme, designed to transfer technology in the area of climate change mitigation and adaptation.
Zunami is Ukraine’s leading producer of finished wooden floors. The company plans to expand its existing business, the production of oak lamellas, and use new, resource-efficient technologies. Zunami will also launch multilayer wooden floor boards as a new product.
The new sustainable waste management practices at Zunami will help decrease the volume of oak logs required for the production of lamellas by 23 per cent.
The EBRD is the largest international financial investor in Ukraine. Since the start of its operations in the country in 1993, the Bank has made a cumulative commitment of almost €13.7 billion through 427 projects in the country.