09 September, 2020
The European Bank for Reconstruction and Development is supporting Ukraine’s Agrofusion Group (Agrofusion) with a EUR 10 million loan to finance the company’s temporary increased working capital needs as well as help it to withstand the Covid19-caused crisis.
Agrofusion, the third largest producer of tomato in Europe, is exporting over 72 percent of its produce to 45 countries across the world and its operations have been affected by the pandemic. The EBRD financing will allow it address issues such as delayed customer payments and higher operating costs.
The approved financing will also help the Group to utilise its capacities built under the project between the Bank and Agrofusion in 2017 focused on, inter alia, financing the construction of brand-new tomato processing plant, greenhouses and energy efficiency investments. The Group will also be able to continue its partnership with local educational establishments aimed at recruiting local talent and providing it with permanent employment contracts.
Technical assistance for this project is provided by the government of Japan.
The EBRD is the largest international financial investor in Ukraine. To date, the Bank has made a cumulative commitment of almost EUR 15 billion through 466 projects in the country.
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