07 Sep 2004
29 Jun 2004
The proposed project consists of financing of working capital commodity stocks for a new edible oil crushing facility.
The transition impact is expected to derive especially from positive development of the sector through backward linkages and EBRD policy dialogue regarding commodity financing instruments: The Company will buy seeds from a mix of traders and Ukrainian farmers. ADM and Risoil SA both bring relevant expertise to the Project. While there have been several foreign investments in the sector, the Ukrainian oilseed sector is still short of working capital, know-how and upgrades of outdated equipment. In addition, there are a number of regulatory issues general to the sector which the Bank is working to resolve in its dialogues and workshops with Ukrainian government. This project will contribute therefore to the Bank’s overall effort to support this critical sector for Ukraine.
Ilichevsk Maslo Extraction Zavod JSC, a 50/50 joint venture between Archer Daniels Midland a large American agribusiness company and Risoil SA, a Swiss registered agri-commodity trading company.
Up to US$30 million revolving working capital finance of which up to US$20 million for the Bank’s account.
The project has been classified as C/1 requiring an environmental audit of the Ilichevsk Maslo Extraction facility. ADM has already conducted a certain amount of environmental due diligence including a technical study by independent consultants. ADM will collate this information into a coherent environmental summary report to demonstrate how the facility currently complies with applicable national and EU standards for environment, health and safety. As necessary, ADM will develop an environmental action plan to address any deficiencies identified. ADM will also provide the Bank with an annual environmental report on environmental issues affecting the facility and on the implementation of any environmental action plans.
Mr Igor Yanchev, Director
Tel: + 380 444 944 210
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