The board of directors of the European Bank for Reconstruction and Development (EBRD) has approved the issuance of up to $120 million to one of the largest Ukrainian agricultural groups, Kernel, on two projects within a syndicated loan to finance working capital.
According to information on the EBRD’s website, the decision was made on September 4.
Within the framework of one project, in particular, Kernel may receive up to $80 million to finance working capital, which is associated with the procurement, storage, transportation and sale of grains for export.
The total project cost is $300 million.
In addition, under another project, the EBRD intends to issue up to $40 million in the form of participation in a syndicated loan to finance Kernel’s working capital, which is related to the purchase, storage, processing, transportation of oilseeds and vegetable oil, as well as sale for export.
The cost of the entire project is estimated at $390 million.
Kernel is the world’s largest producer and exporter of sunflower oil, the leading producer and supplier of agricultural goods from the Black Sea region to the world markets.