The $37 million loan will be used to build a terminal capable of handling up to 5 million tonnes of grain annually. In addition to IFC, other partners in the project include Cargill and the European Bank for Reconstruction and Development. The total project costs are estimated at about $150 million, the IFC said.
Elena Voloshina, IFC’s acting country manager for Ukraine and Belarus, said, “This project is key to helping Ukraine improve its export competitiveness, support foreign currency inflows, and reduce logistics costs for exporters. It is also a part of IFC’s broader work to help Ukraine realize the potential of its agribusiness sector.”
MV Cargo is a Ukrainian company set up to implement the grain terminal project at the Black Sea port of Yuzhny, near Odessa. By March 2017, the project was 40% complete and had received more than $30 million in investments.