EBRD to provide EUR 11 m loan to Ukrproduct Group
2011-04-22 15:52:46
The European Bank for Reconstruction and Development (EBRD) has decided to provide a EUR 11 million loan to Ukrproduct Group Ltd., one of the leading producers and distributors of dairy products in Ukraine listed on the London Stock Exchange, the press service of the Kyiv office of the EBRD has reported.
The loan will finance energy efficiency and environmental upgrades at Ukrproduct's plant - Starokonstantinovskiy Molochniy Zavod.
CEO of Ukrproduct Group Sergey Evlanchik said a press conference, during which a loan agreement was signed, that the funds had been provided for seven years. Other terms of the agreement have not been disclosed.
According to the bank, the loan to Ukrproduct is the first sub-project under the Agribusiness Sustainable Investment Facility recently launched by the EBRD. The facility aims to improve energy efficiency, environmental and social performance of companies working in agribusiness in the bank's countries of operation.
The project will enhance competition in the dairy sector of Ukraine and support the introduction of best practice through technical innovations and the introduction of advanced energy management measures.
The European Bank for Reconstruction and Development is the largest financial investor in Ukraine. As of December 31, 2010, the bank had committed over EUR 6 billion (USD 8.3 billion) through 264 projects.