The EBRD is considering a working capital facility of up to USD 25 million to finance pre and post harvest working capital needs.
The EBRD loan would facilitate market expansion and competition by bringing land into production and increasing the crop yields. Demonstration effect will be achieved through the introduction of new farming methods, demonstration of efficiency and technological improvements in agriculture, and knowledge transfer.
Mriya Agro Holding PLC and its subsidiaries is one of the major agricultural holdings in Ukraine, operating more than 200,000 ha of land bank. Mriya AgroHolding Public Limited is the holding company incorporated in Cyprus and listed on Frankfurt Stock Exchange.
Financing of agricultural commodities grown by Mriya and stored in licensed warehouses acceptable to EBRD (‘Post-Harvest Financing’) as well as the purchasing of seeds, fertilizers, CPPs, fuel and other costs related to work in progress, (‘Pre-Harvest Financing’).
USD 50 million.
The Project has been categorised ‘B’ according to the Bank’s Environmental and Social Policy 2008 as the adverse environmental and social impacts associated with the Project are site-specific and can be readily identified and addressed through mitigation measures.
The environmental and social due diligence, which included site visits and interviews with key management staff by an independent environmental consultant and one of the EBRD’s social specialists has confirmed that the majority of the Company's sites are not considered to be a source of significant environmental pollution nor are they of significant risk to local communities. The due diligence did not identify any significant adverse impacts associated with the Company's rapid expansion of its land bank on individual land owners and the communities where the Company's farms operate.
There are a number of actions the Company needs to undertake to improve its capacity and systems to manage environment as well as health and safety issues in its operations, notably in the associated sugar beet processing plants owned by the shareholders. Under the proposed Project the Company will be required to comply with the Bank’s Environmental and Social Policy 2008 Performance Requirements applicable to the Project (specifically PRs 1-8 and 10). The Company's management is committed to developing the requisite capacity and systems in order to meet the Bank's PRs, including the relevant EU standards. An Environmental and Social Action Plan has been developed and will be agreed with the Company prior to the Bank’s final management review of the Project.
The Bank will monitor the Company’s 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 which are likely to have an effect on the environment or worker and public safety.
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