The European Bank for Reconstruction and Development announced this week that it is providing a loan of up to $60 million to Ukraine's Brooklyn-Kiev, a leading private company that is developing a grain trans-shipment terminal in the Port of Odessa.
The project will be carried out with Louis Dreyfus Commodities, a global agribusiness leader, after the two companies signed a joint venture agreement to develop and manage the terminal and related activities, according to an EBRD press release.
The terminal, which is projected to have an annual throughput capacity of up to 4.5 million tons of grain, will help alleviate Ukraine's shortage of modern, deep-water port grain trans-shipment capacity and will benefit the region by creating employment opportunities and boosting economic activity in and around the Port of Odessa, according to the EBRD.
"We know how important the agribusiness sector is for the economy of this country," Sevki Acuner, the EBRD Director for Ukraine, said. "The Bank is very pleased to support this venture, which is the product of a partnership between a major international commodity trader and a leading local operator. It demonstrates that foreign and local investors have confidence in the sector and in Ukraine."
The project one of many supported by the EBRD in its efforts to boost the domestic economy.
"This investment will strengthen Odessa's position as a major grain handling hub and support economic growth in Ukraine," Sue Barrett, the director of transport at the EBRD, said. "It is part of the EBRD's strategy to support integrated transport solutions in the countries where we work."
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme