The European Bank for Reconstruction and Development (EBRD) announced on Tuesday that it will provide a loan of up to $40 million to more than 30 farms and elevators throughout Ukraine.
The EBRD will provide the loan to farms owned by NCH New Europe Property Fund L.P. (NEPF). The EBRD said it is committed to Ukraine's agribusiness sector, which received more than $220 million from the bank in 2013 alone.
The proceeds of the loan will be used to finance the pre- and post-harvest working capital needs of the farms, as well as to support the farms' grain export operations over the next three seasons. The EBRD expects the farms to achieve a significant reduction of carbon dioxide emissions and an increase in energy efficiency.
The project continues a collaboration between the EBRD and NEPF, which started in 2009.
The EBRD is the largest financial investor in Ukraine. The bank committed $12.2 billion through 326 Ukrainian projects, as of April 1.
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