BSTDB Increases Support to Agribusiness in Ukraine
Press Release | 23-Dec-2019
The Black Sea Trade and Development Bank (BSTDB) has provided a USD 70 million loan to Epicentr Group, a Ukrainian market leader in agribusiness, manufacturing of construction materials, and Do-It-Yourself retail and distribution sectors.
The 7-year loan will support the Group’s agriculture business program for 2019-2021, in particular the construction of three new and modernization of four existing grain silos and the purchase of agricultural machinery.
The BSTDB’s financing will contribute to the development of the agricultural infrastructure in Ukraine, job creation and increase in export revenues thus strengthening the country’s balance of payments.
Hasan Demirhan, BSTDB Vice President Banking said: “We are happy to contribute to the strengthening of the agricultural sector and exports in Ukraine, which is a major source of employment, budget revenues and hard currency earnings in the country. This operation underlines the strategic priority we attach to supporting Ukraine’s agricultural production and regional trade that is benefiting from the country’s growing export potential."
Epicentr Group is one of the largest Ukrainian private group of companies, and the leader in the Do-It-Yourself industry and retail. The Group operates the largest retail network of 58 hypermarkets with net sales exceeding EUR 1,35 billion. Epicentr is also a leading agricultural producer in Ukraine operating on a land bank of 110,000 hectares and producing 600,000 tons of crops.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
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