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Luxembourg,Ukraine : IFC Lends $30 Million to Help Ukraines Astarta Boost Farm Productivity, Environmental Efficiency
Publish Date : 25-May-2018
IFC, a member of the World Bank Group, is providing a $30 million loan to Astarta, a leading agricultural producer, to help improve its environmental efficiency and strengthen its agricultural productivity and logistics as part of a broader effort to boost Ukraine's agribusiness sector and spur economic development.
IFCs financing will support a two-year investment program aimed at improving the companys resource efficiency and competitiveness by modernizing its sugar plants. This would help reduce the use of gas, electricity, and water. The program also aims to help Astartawhich grows and trades grain and oilseedpurchase modern and efficient farm machinery and construct of new storage facilities.
We are focusing on operational and production efficiency to remain strong and globally competitive, said Viktor Ivanchyk, Astartas CEO. IFCs continued financial support will help us reach a new level in resource efficiency and support us as we strive to innovate and boost our exports.
The investment is part of IFCs strategy to strengthen Ukraines agribusiness sector and increase the countrys export competitiveness. Ukraine is one of the worlds biggest agricultural exporters, accounting for about 10 percent of global grain exports. Astarta supplies grain to Asia, North Africa, and the Middle East.
With its fertile land and favorable geography, Ukraine has the potential to become a global agribusiness leader and play a vital role in food security, Stephanie von Friedeburg, IFCs chief operating officer, said during a signing ceremony in Kyiv. Working with partners like Astarta helps us catalyze private sector growth and innovation in the agribusiness sector and enhance inclusive growth. Astarta, an IFC client since 2012, has created nearly 1,000 jobs in rural areas over the last several years, despite Ukraines recession. The new project will further integrate farmers into the companys domestic and global value chains.
IFC is a major investor in Ukraines agribusiness sector, having invested over $1 billion to support projects across the value chain, boost innovation, and help producers enter new export markets.
