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."
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