Translated version of this PSD: Ukrainian
The EBRD is considering an equity investment of up to US$ 15.9 million in ED&F Man Ukraine Investments BV, to acquire a minority stake in the company and finance the purchase and installation of sugar beet processing equipment.
The Project is located in southern Ukraine, a region with a significant agricultural potential. The Transition Impact of the Project is expected to derive from:
1) Demonstration of modern and efficient farming technologies and methods in the South of Ukraine which should result in increase of productivity and yield improvements of agricultural crops across the region and country as a whole;
2) Setting standards in terms of energy efficiency and product quality and safety by using modern production technology and by obtaining food safety certifications.
ED&F Man was established in London in 1787 and is now one of the leading agricultural commodities trading companies, present in 60 countries and specialising in the physical handling, processing, marketing and risk management of sugar, molasses and coffee. The group has been working in Central and Eastern Europe for over 20 years and is now looking forward to establishing a competitive sugar beet processing plant in Ukraine.
Up to US$ 15.9 million equity investment.
US$ 69 million.
The project was categorised B and due diligence comprised a review of audit documentation undertaken previously by the Company, a site visit by a staff member from EBRD’s Environment and Sustainability Department and subsequent meetings with ED&F Man staff in London headquarters.
ED&F Man has established a range of policies including a Health, Safety, Environmental Policy and a Product Quality and Product Safety Policy. Each of these policies is backed up by implementation guidelines. The Company has also issued a Corporate Social Responsibility (CSR) Compliance Handbook which covers a range of issues including human rights, labour standards, environment, and anti-corruption. All of these policies and procedures are subject to a regular review of the company's Board and its CSR Committee – the Ukrainian company is subject to all of these as an ED&F Man subsidiary.
The Company's approach to labour management is guided by the principles set out in the CSR handbook and by the requirements of national labour law. The CSR handbook has explicit commitments with regard to freedom of association, force and compulsory labour, child labour, elimination of discrimination plus additional statements on hours of work, terms of employment, rate and payment of wages and the provision of education and training.
Pollution issues currently associated with the facility are limited given that the facility is currently not producing any product. When the facility starts to produce sugar (whether processing of raw sugar or beet) then ED&F Man has stated that it will manage environmental issues in accordance with the national and agreed EBRD environmental requirements. An ESAP has been agreed with the Company and EBRD will monitor the implementation of the ESAP through the annual environmental and social reports provided by the Company.
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