The International Finance Corporation (IFC) on June 1 signed a contract to provide the largest Ukrainian vertically integrated tomato paste producer, Agrofusion, with a long-term loan of $17 million. According to information on the IFC’s website, the funds are intended to expand the company in 2018-2019 and refinance its obligations. The total cost of the project is estimated at $30 million.
The IFC said this is the third project with Agrofusion.
Agrofusion is the largest vertically integrated producer of tomato paste in Ukraine. It was founded by businessman Serhiy Sypko in 2007. Agrofusion includes three tomato paste production plants with a total production capacity of about 750,000 tonnes of tomatoes per season, as well as agribusinesses in Kherson and Mykolaiv regions, cultivating 25,000 hectares of irrigated land, and two hothouse farms. In 2017, the company expanded its capacity and reached 79,443 tonnes of paste (64,800 tonnes in 2016). Some 70% of its products are exported to 35 countries.