Kiev, Ukraine, June 24, 2010
—IFC, a member of the World Bank Group, will invest in meat producer Globino to help increase production capacity, modernize equipment, and create about 600 jobs in central Ukraine’s Poltava Region.
IFC will provide $25 million as debt and quasi-equity financing. The financing will be used to support the expansion of production capacity of fresh and processed meat, increase pig farm and slaughterhouse capacity, and modernize and expand cheese and butter-making capacity.
“This partnership with IFC is very important for us,” said Oleskander Kuzminsky, Founder of Globino. “Our company is still relatively young and we are looking to grow by improving our operations and production quality standards. IFC’s funds will help us expand our capacity to meet growing demand for pork in Ukraine.”
Elena Voloshyna, IFC Country Manager for Ukraine, said, “This deal demonstrates our commitment to supporting Ukraine’s agribusiness sector as it is a vital engine of economic development and job creation in the country. IFC’s investment will support Globino’s expansion and modernization of its operations following the economic crisis. We support the company’s growing focus on quality and improved energy efficiency solutions.”
In agribusiness, IFC supports the entire value chain from farm production to collection, processing, and distribution. IFC is committed to helping Ukraine maximize its agribusiness potential and so far has committed over $400 million to various projects in the agricultural sector. It also offers an extensive advisory program, including projects focusing on development of the agri-insurance market in Ukraine, improving food safety standards, and developing supply chains for fruit and vegetables.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
