July 16, 2010
Mironovskiy Hlebproduct secures EBRD funding
Ukrainian poultry firm Mironovskiy Hlebproduct (MHP) gets US$50-million loan from the European Bank for Reconstruction and Development (EBRD).
The London-listed MHP said today, July 15, that the US$35-million worth of money is being provided as working capital. The other US$15 million is being used for "energy efficiency improvements," including the installation of a biomass boiler and the building of cold storage units.
"This transaction will serve to strengthen and support our expansion further. It will enable us to continue to implement our vertical integration strategy by expanding our operations to deliver high-quality products for the domestic market and run our business efficiently," said CEO Yuriy Kosyuk.
Gilles Mettetal, EBRD director for agribusiness, said the loan was part of its focus on strong local companies and brands. "The project also underscores the EBRD's commitment to supporting energy efficiency initiatives across all the projects that it finances," he said.
