DFF - Agrofusion WC Loan (EBRD-52089)

Countries
  • Ukraine
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Canceled
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 28, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Agrofusion Group
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 12.07 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 10
Converted using 2021-01-18 exchange rate.
Project Cost (USD)
$ 12.07 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 10
Converted using 2021-01-18 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 18, 2021

Disclosed by Bank Aug 14, 2020


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Project Description

The provision of a senior secured revolving loan of up to EUR10 million to Farm Enterprise "Organic Systems". The Loan will be used to finance the increased working capital needs of Agrofusion Group. This project was approved in the context of the Bank's response to the COVID-19 pandemic.

The operation will provide necessary liquidity to finance the current farming and processing campaign until November 2020 and beyond. Securing sufficient working capital financing will be crucial for Agrofusion Group to achieve sustainable production volume under COVID-19 environment. Therefore, it will help the Group to preserve its investments, which were part of the original project between the Bank and Agrofusion approved in 2017.

 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html