Information for fruit and vegetables business in CIS
Bank HVB Ukraine and EBRD provided a $20 mln credit to Eurotech company for purchases of sunflower seeds
Bank HVB Ukraine, with participation of the European Bank for Reconstruction and Development, has provided a loan for the total worth of $20 million to the agro-industrial company Eurotech (the sum provided by EBRD is $10 million) for refilling the current assets.
The credit funds will be directed to purchases of sunflower seeds for loading the crushing capacities of Vovchansk and Prykolotne Oil Extraction Plants (Kharkiv Oblast), operated by Eurotech company.
The Eurotech Head of Board Mykhailo Veselsky has said that the terms of the credit are very profitable, especially in comparison with terms of other similar deals, concluded on Ukrainian market.
The EBRD Director for Ukraine Kamen Zakhariev said that it was the first project, based on the system of warehouse certificates. Besides, he said, it was the first time EBRD took a direct risk in relation to a producer with 100 percent Ukrainian capital.
CJSC Eurotech specialises in growing and processing of sunflower seeds. According to the company management, its share on the Ukrainian market of vegetable oils is 8 to 9 percent. Apart from the two oil extraction plants with combined processing capacity of 950,000 tonnes of sunflower seeds per day, the company operates 13 elevators with total one-time storage capacity of 600,000 tonnes.