Ukraine's Myronivsky receives EBRD loan

Myronivsky Hliboproduct, a major poultry meat firm in Ukraine, is to receive a loan of US$50 million from the European Bank for Reconstruction and Development (EBRD) to finance its working capital needs.

The funds will be used to purchase feed inputs and to implement projects aimed at boosting energy efficiency at production facilities of Myronivsky, EBRD's office in Kiev said.

In 2007, there were only 10% of existing silos in Ukraine in acceptable condition. EBRD had also invested in Agroinvest, an offshoot of the Serbian company MK Group which farms 45,500 hectares of leased land in Ukraine, in order to farm efficiently.

"The EBRD is the only financial investor in Agroinvest's first storage facility in Ukraine," said Zeljko Erceg, CEO of Agroinvest.

This investment helped improved the social environment, created jobs and provided incentives to workers. The loan also helped the further development of the agriculture industry in Ukraine.