EBRD will lend US $60mn to build Odesa grain terminal

The European Bank for Reconstruction and Development (EBRD) will allocate a US $60mn credit to Brooklyn-Kiev Ltd to build a grain terminal with a total handling capacity of 4.5 million tonnes of grain per year at Odesa Port.

According to the EBRD, the project is being implemented under an agreement concluded between Brooklyn-Kiev Ltd and Louis Dreyfus Commodities. This agreement provides for a joint venture to build, manage and use the terminal.

“We are well aware how important the agro-industrial sector is for Ukraine’s economy,” says EBRD Director in Ukraine Sevki Acuner. “The bank is very happy to support this project, which is the result of a partnership between a major international commodity trader and a leading local stevedoring operator. It shows that foreign and local investors trust this industry—and Ukraine as well.”

The EBRD states, “This project is part of the intensive work of the Bank in Ukraine, aimed at providing support for the real sector of the Ukrainian economy.” The Bank expects to invest nearly EUR 1 billion a year. Since February 2014, the EBRD’s annual investment in Ukraine has been more than EUR 500mn.

As of July 2014, the EBDR had allocated Ukraine more than EUR 9.2bn to support 329 projects.

Source: AGRONEWS

Tags: grain, agriculture