Ukrainian sugar producer Astarta could get $10 million credit from the European Bank of Reconstruction and Development (EBRD)
The European Bank for Reconstruction and Development (EBRD) may issue a long-term loan worth $10 million to Astarta Holding, Ukraine’s largest sugar producer.
As the EBRD said in a statement on Wednesday, the proposed loan to Astarta Holding will be applied to finance the energy efficiency improvements at its sugar refineries, and a new sugar storage facility.
"This project is a follow on investment to the company’s energy efficiency project financed by the Bank in 2007," reads the statement.
Under the project, the sides signed an agreement in May 2008 on a seven-year loan worth $20 million.
Later on, in spring 2009, the EBRD provided the sugar producer with a five-year loan worth $20 million with an 18-month grace period. The loan was provided to refinance debts, boost energy efficiency at the sugar refineries and acquire farm equipment.
Astarta is a vertically integrated holding focused on sugar production as well as the cultivation, processing and trade of agricultural products. It incorporates six sugar refineries and over 60 farming businesses. The company’s production assets are concentrated in Poltava, Vinnytsia, Ternopil, and Khmelnytsky regions.
