Zapad Banka (Montenegro) provided Prometey Group with a $2.5 million credit line to increase its working capital, structure trade deals and optimize its operations, the group’s press service said.
“We have a long partnership with this bank, they always support us. Despite our long cooperation, Zapad Banka, being a European bank, has high compliance requirements for us on a par with other clients,” the statement said.
Prometey is confident that trade financing under contracts with the end buyer will have a positive impact on the group’s financial stability. The line will also allow for more efficient use of trade financing, turning it around several times.
Prometey $1.5 million loan deal with the bank took place in late 2022, after which Zapad Banka decided to allocate a limit of $2.5 million for trade finance.
After several successful deals within the allocated funds Prometey expects to increase the limit of trade finance from its European partner.
The Prometey Group provides storage, processing and logistics services for crops. Before the Russian aggression the holding owned 34 elevators in the regions of Nikolayev, Kirovograd, Kiev, Khmelnytsky, Zaporizhzhya, Sumy, Odessa, Kherson and Dnepropetrovsk.
By the end of 2021, the group planned to receive $ 45 million EBITDA, while in 2020, this figure reached $ 32.6 million, and in 2019 – $ 30.5 million.
