Investment in new production lines to be installed at the existing facility in L'viv, a financial accounting system, and Svitoch 2000, a major programme to improve the efficiency and organisation of the company.
To enable Svitoch to remain the leading Ukrainian-owned confectionery company. Proceeds will be used for investment in new production lines; installing a financial/accounting system; senior industry advisers; and repayment of technical cooperation projects.
The project will provide a demonstration effect for financing newly privatised wholly owned Ukrainian enterprises. It will also have an impact in terms of market development, skills transfer, technology transfer and forward linkages to distributors and retailers.
Svitoch is the leading Ukrainian confectionery company, producing a wide variety of products, including chocolate, biscuits, and hard and soft centred sweets.
Loan financing of US$ 8 million (ECU 7.1 million). Equity financing of US$ 2 million (ECU 1.8 million) will also be provided by the EBRD.
US$ 11 million (ECU 9.7 million).
The project was screened B/1, requiring an environmental audit and an analysis to assess the impact associated with the investment project and to recommend mitigation measures to reduce any adverse environmental impact. The audit and assessment were carried out by independent consultants. As required by the State Board of Environmental Protection, Svitoch holds valid environmental passports for its principal operations. The passports have gained the approved status from the Lviv Regional Environmental Committee.
Key mitigation measures in the project
There are no significant environmental impacts associated with the project. The company will be required to adopt and implement an Environmental Action Plan (EAP) based on the environmental audit and analysis. The EAP, which forms part of the loan agreements, documents the actions that the company needs to take to bring it into compliance with Ukrainian legislation, and in line with EU standards and practice. The EAP also sets deadlines for actions to be completed.
Technical cooperation is being provided for the Svitoch Assessment and Business Plan, restructuring of Svitoch, external legal counsel and environmental due diligence and restructuring of Svitoch in preparation for financing.
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