The EBRD is considering providing of up to €23 million syndicated loan to Maïsadour Semences Ukraine (“MAS Ukraine”) to restructure the existing debt portfolio as well as to construct the second corn dryer and to purchase the irrigation and field equipment.
MAS Ukraine has the first modern maize seed production plant in Ukraine. It cooperates with local farmers who produce seeds for MAS Ukraine on their own plots, enabling farmers to value to their farm products. MAS provides extensive agronomic assistance and training to the farmers with no prior experience in seed production. The Project will contribute to greater cost efficiency in the market as most of the commercial seeds used in Ukrainian agriculture are imported. There will be backward linkages to Ukrainianfarmers as they will receive parental seeds from MAS Ukraine, cultivate them on their own land and sell the unprocessed commercial seeds back to MAS Ukraine which will process them. There will be forward linkages to farmers as they will be able to buy processed certified hybrid seeds from from MAS Ukraine which should be able to achieve better yields for their crops as they are adopted to local conditions and of better quality than seed produced by local competitors in mostly outdated processing plants.
In addition, part of the facility will be used to finance irrigation equipment which will be leased to the farmers producing seeds for MAS Ukraine. The area under irrigation will be doubled to 3,500 ha, improving yields and reducing drought risks. Farmers are able to use the irrigation equipment in other crops (e.g. wheat), too. Such investments remain rare in Ukraine.
Maisadour Semences Ukraine (“MAS Ukraine”) is a subsidiary of Maisadour Semences S.A. (“MAS”, “Sponsor”). MAS is a French seed production company which is a, subsidiary of Maïsadour Group which owns 60%, and Syngenta Seeds which owns 40%. Maisadour Group is a French cooperative operating in various agribusiness segments (seeds, cereals, vegetables, animal feed, poultry breeding, retail, etc.). Syngenta Seeds is a subsidiary of Syngenta, the Swiss agribusiness multinational focused mainly on crop protection and commercial seeds.
Long term loan of €23 million (including syndication) to MAS Ukraine with a full corporate guarantee from the Sponsor.
This project was categorized B under the EBRD’s Environmental and Social Policy 2008.
The proposed project involves construction of a second seed dryer within the footprint of the existing plant with limited additional environmental or social impacts. Under the proposed project the Company will be required to continue to comply with the Bank’s Environmental and Social Policy 2008 Performance Requirements applicable to the project (specifically PRs 1-8 and 10). The Bank will monitor the Companies’ environmental and social performance for the lifetime of the loan through annual environmental and social reporting and via periodic site visits. The Companies will be required to immediately notify the Bank of any incidents or accidents likely to have an effect on the environment or worker and public safety.
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