EBRD provides $20 mln loan to IMC to replenish working capital
Industrial Milk Company (IMC) has received $20 million of financing from the European Bank for Reconstruction and Development (EBRD) to replenish working capital.
The loan would secure the company's needs in pre- and post-harvest financing.
Head of EBRD operations in Ukraine Sevki Acuner said that this is a first company to undergo the Resource Efficiency and Climate Change Adaptation Assessment commissioned by the EBRD.
IMC Director General Alex Lissitsa said that the project will be implemented in two years and it first concerns agrarian technologies.
He added that teachers from four agrarian educational institutions (Poltava, Sumy, Kyiv and Vinnytsia) will be trained as part of the project. IMC has signed contracts with the institutions.
He said that IMC seeks to double its land bank with soybeans in coming years, to 15,000 ha.
"We believe that this crop suits planting in the northern part of the country," he said at the loan agreement signing ceremony.
IMC focuses on cultivation of grains, oilseeds and potatoes. It is one of the largest milk producers in Ukraine. It owns facilities with a storage capacity of 554,000 tonnes of grains and oilseeds.
