Business news from Ukraine

INTERNATIONAL FINANCE CORPORATION TO PROVIDE TO UKRAINIAN TOMATO PASTE PRODUCER $17 MLN LOAN

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.

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AGROFUSION PLANS TO PROCESS 630,000 TONNES OF TOMATOES

The Agrofusion Group, a large tomato paste and industrial tomato producer in Ukraine, plans to plant and process 630,000 tonnes of tomatoes in 2018, including 9,900 tonnes of organic tomatoes. According to a posting on the group’s website, in 2017, it started producing organic tomato paste. “Last week all growing divisions of Agrofusion has begun tomato seedling transplanting. Favorable weather conditions and timely field preparation allowed to start the transplanting according to the schedule. Transplanting will continue till the end of May,” the company said.
Agrofusion Group, founded in 2007, belongs to businessman Serhiy Sypko. Agrofusion includes three tomato paste production plants with the processing capacity of about 7500,000 tonnes of tomatoes per season, as well as farms in Kherson and Mykolaiv regions, processing 25,000 hectares of irrigated land, and two greenhouse farms.

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INTERNATIONAL FINANCE CORPORATION COULD PROVIDE $17 MLN LOAN TO AGROFUSION

The International Finance Corporation (IFC) could provide a long-term corporate loan of $17 million to the largest tomato paste and industrial tomato producer in Ukraine, the Agrofusion Group. According to a posting on the website of IFC, the funds are provided to finance the company’s 2018-2019 expansion and debt refinancing program.
The total cost of the project is $30 million. The project is pending approval.
IFC said that this will be the third project with Agrofusion. Agrofusion Group, founded in 2007, belongs to businessman Serhiy Sypko. Agrofusion includes three tomato paste production plants with the processing capacity of about 7500,000 tonnes of tomatoes per season, as well as farms in Kherson and Mykolaiv regions, processing 25,000 hectares of irrigated land, and two greenhouse farms.

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