By Anton Usov
The European Bank for Reconstruction and Development is supporting Ukraine’s Agrofusion Group (Agrofusion) with a €10 million(US$11.84million) loan to finance the company’s working capital needs.
Agrofusion, the third-largest producer of tomato paste in Europe, exports more than 72 per cent of its products to 45 countries across the world and its operations have been affected by the pandemic. The EBRD financing will allow it to address issues such as delayed customer payments and higher operating costs.
The company will also use the funds to implement its long-term strategy of becoming the first producer of entirely organic tomato paste in Ukraine. In addition, Agrofusion will be able to continue its partnership with local educational establishments which aims to recruit local talent and provide people with permanent employment contracts.
The EBRD is the largest international financial investor in Ukraine. To date, the Bank has made a cumulative commitment of almost €15 billion through 466 projects in the country.
