Astarta SPC 2024 (IFC-49269)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ukraine
Geographic location where the impacts of the investment may be experienced.
Specific Location
Globyno, Kremenchuk district of the Poltava region
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 20, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Astarta Holding PLC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 23, 2024

Disclosed by Bank Nov 20, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, the proposed investment is an IFC A loan of up to US$40m and a mobilized parallel loan of up to US$40m to LLC Astarta Agro Protein in Ukraine, a subsidiary of Astarta Holding PLC, to finance capex and permanent working capital needs for the soy business segment and prospective Soy Protein Concentrate (SPC) production facility.  

Astarta is one of the leading integrated agricultural producers and processors in Ukraine, which operates crop growing, soybean processing, sugar production, cattle farming and milk production, and biogas production. In December 2013, Astarta commissioned a soybean processing plant in Globyno, Poltava region. In 2023 the plant processed 232,000 tons of soybeans, 73 percent self-grown on a mass balance basis, producing 172,000 tons of soybean meal. The company relies heavily on its own production of soybean and assesses market to define the additional amount to be purchased from other Ukrainian producers. In first half of 2024, Astarta’s soybean production accounted for approximately 90 percent of the soybean used in its operations on a mass balance basis. The company plans to add a SPC soybean deep processing line to its existing soybean crushing facility in the Globynsky industrial complex, Globyno, Kremenchuk district of the Poltava region.
This newly planned line is designed to have a production of approximately 100,000 tons of SPC annually (capacity of 500 tons/day).

SPC is derived from higher value-added processing of soybean meal, a product already being produced and marketed by Astarta. SPC serves as a raw material for the production of animal feed. 

This would be IFC’s fifth investment in Astarta since 2012. Previous investments, all completed since January 2021, are available at: Project #30830, Project #35536, Project #38157, and Project #40716.                                                 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, Astarta Holding PLC is listed on the Warsaw Stock Exchange, with major shareholders including the Ivanchyk family (41.47%) and Fairfax Financial Holdings (29.91%), while the remaining shares are distributed among other shareholders and are subject to trading at the Warsaw Stock Exchange, with no single shareholder holding 10% or more (as of November 12, 2024).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Fairfax Financial Holdings Ltd Investor Finance invests in Astarta Holding N.V. Client Agriculture and Forestry

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - LLC FIRM ASTARTA KYIV:

Evgenia Pirog - Head of Division for Cooperation with Non-Residents and Banks
Phone: +38 044 593 11 05
Email: pirog@astarta.ua
Address: Yaroslavska 58, Kyiv city
Website: https://astartaholding.com/en/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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