ˆ20 million loan to address working capital needs of major agricultural holding
The European Bank for Reconstruction and Development (EBRD) is providing a ˆ20 million loan to Astarta, Ukraine’s leading agribusiness operator and sugar producer. The latest project under the ˆ150 million Ukrainian Corporate Support Facility will support the company’s working capital needs.
Astarta, listed on the Warsaw Stock Exchange, has been a major EBRD agribusiness client since 2008. The loan proceeds will support the company’s operations and address its liquidity needs in a time of reduced availability of external funding in Ukraine.
Sevki Acuner, EBRD Director for Ukraine, said: «We have implemented a range of projects with Astarta in sugar, grain, dairy and energy efficiency sectors over the years. Now, during the economic downturn and market volatility, it is extremely important to offer timely support to our long-term partner, which shares our strategic vision and business philosophy.»
Viktor Ivanchyk, Astarta CEO and founder, said: «Support by our long-term financial partner EBRD is strategically important for our company. During this difficult time in Ukraine, Astarta remains a reliable employer, social and business partner, taxpayer and exporter, which is much needed to support the country’s economy.» The Bank is continuing to commit more resources to support the agribusiness sector, a key growth driver of the Ukrainian economy.
The EBRD is the largest financial investor in Ukraine. As of early August 2014 the Bank had committed almost ˆ9.4 billion (US$ 12.5 billion) through 331 projects in the country.
