The EBRD is considering a USD 20 million loan to Ukrainian Agrarian Farms Limited to service the seasonal working capital requirements of the approximately 70 Ukrainian farms that this company owns and operates.
The loan proceeds will go towards buying agricultural inputs and services before harvest and crop storage after harvest. Agricultural inputs include the purchase of modern farming machinery.
Funding is very challenging for Ukrainian agricultural companies at present. The Bank’s loan will enable land that would otherwise be left fallow to be planted and harvested. It will also enable the farms to implement an ambitious programme of restituting land that has fallen out of cultivation, implement mini-till (conservation) farming practices that reduce emissions whilst maximising production and acquire modern farming machinery to replace the obsolete machinery that is still prevalent in Ukraine.
Ukrainian Farm Funding Limited, a Cyprus registered limited liability company that is used as a financial holding company for the Ukrainian farming operations.
USD 20 million revolving debt facility.
USD 70 million in working capital needs.
Screened IESE in accordance with the EBRD's 2008 Environmental and Social Policy which means an Initial Environmental and Social Examination of the project is necessary to determine the environmental and social impacts and issues associated with the project. It is likely that the impacts can be easily identified and mitigated and it is anticipated the project will be categorised B. The environmental and social due diligence is currently on-going and will include a review of the Company’s capacity and systems to manage environment, health, safety and labour issues in compliance with Ukrainian regulations and the EBRD's Performance Requirements (PRs).
Based on the results of due diligence, if necessary, an Environmental and Social Action Plan (ESAP) may be prepared and agreed with the Company to address any environmental and social issues identified within a reasonable time-frame. This PSD will be updated when the results of due diligence are known.
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