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EBRD and ING Bank N.V. will grant Ilyichevsk Oils Extraction Plant a $30 mln credit
European Bank for Reconstruction and Development and ING Bank N.V. have taken decision to grant Ilyichevsk Oil Extraction Plant, located in Odessa port area a renewable credit in the amount of $30 million. The EBRD press-service has informed it is its first project in Odessa region of Ukraine.
The credit is structured as A/B loan and EBRD, which will provide the half of the sum, will be official creditor for the project as a whole. Loan B will be provided by ING Bank N.V. and the bank ING Ukraine will serve as a local agent for security of the loan and the payment bank.
The provided funds will be used by the borrower for purchase of sunflower seeds and funding the current assets.
According to EBRD Agribusiness Group Director Gans Christian Jacobsen, this project is a part of a larger programme of EBRD for funding agro-industrial complex in Black Sea region. He said EBRD was interested in investments into the market of vegetable oils, where Ukraine had competitive advantages, thanks to excess of sunflower seeds, low cost of production and beneficial geographical location.