Mykolayiv, Ukraine June 25, 2004—
The International Finance Corporation (IFC), the private sector financing arm of the World Bank Group, signed an agreement today to provide a $10 million loan to Sandora Ltd., the number one producer of branded packed juices and nectars in Ukraine. IFC’s loan will help the company improve product quality, strengthen its local raw material base, and broaden its reach to the Ukrainian consumers.
The project is designed to strengthen the company’s market position by modernizing its facilities, increasing capacity and developing a distribution network. In addition, the company will expand supply of local fruit. The company is also committed to bringing its environmental, occupation and health management, as well as operational systems, to international standards.
“The agricultural sector is vital to Ukraine’s economic development. By investing in Sandora IFC will contribute to stimulating growth and creating jobs for Ukrainian farmers in this important sector," said Edward Nassim, IFC’s Director of the Central and Eastern Europe Department.
Jean-Paul Pinard, IFC’s Director of the Agribusiness Department said, “IFC’s investment in Sandora reflects our strategy to support local market leaders in Ukraine’s agribusiness. Companies like Sandora set a high standard for the industry, promote competition and growth, and have a high impact on the development of Ukraine’s farming sector.”
"We are happy to see that our efforts are supported by international financial institutions. Working in partnership with IFC will help our company rise to global standards in production and management and strengthen investor confidence in Ukrainian agricultural sector as a whole,” said Sergiy Sypko, Director of Sandora.
Sandora Limited Liability Company
is the leading manufacturer of branded packaged juices and nectars in Ukraine. Located in Southern Ukraine, Sandora produces a wide range of natural juices and nectars from locally grown fruits and vegetables and imported concentrated juices under several well-established brands. The Company supplies mainly the Ukrainian market, with exports to Russia, the Baltics, Moldova, Azerbaijan, Turkmenistan, Armenia, etc. Sandora’s owners and management have capitalized on opportunities offered by economic growth and increasing consumer nutritional awareness. They have transformed the company from a small regional player into a leading national branded juice producer.
International Finance Corporation
(
www.ifc.org
).
The mission of IFC is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY03, IFC has committed more than $37 billion of its own funds and arranged $22 billion in syndications for 2,990 companies in 140 developing countries. IFC's worldwide committed portfolio as of FY03 was $16.7 billion for its own account and $6.6 billion held for participants in loan syndications.
Ukraine became a member of IFC in 1994. Since then, IFC has invested about $100 million in nine projects. IFC significantly expanded its investment program in Ukraine last year, approving $63.5 million of investments. IFC's increased activity reflects the improving investment climate in Ukraine, greater opportunities in a broad range of sectors, and a stronger foreign investor interest. IFC has also been conducting an extensive technical assistance program in Ukraine since 1992. IFC has contributed to privatization of small businesses and unfinished construction sites. Current donor-funded programs offer advice on corporate governance, the development of the agribusiness sector and seek to improve the business environment and promote the growth of the small and medium enterprise sector.
