The European Bank for Reconstruction and Development (EBRD) is providing a $25 million loan to Trans-Oil Group, a leading agricultural commodities trader and sunflower oil producer in Moldova, to boost agriculture in Moldova and Ukraine, according to a statement released on the bank’s website on Tuesday.
“The funding will boost agriculture in Moldova and Ukraine as restricted availability of finance continues to seriously limit the sector’s ability to reach its full potential,” reads the statement.
The EBRD’s loan will enable Trans-Oil Group to expand its grain terminal in the Moldovan port of Giurgiulesti on the Danube River and to acquire and modernize a grain storage facility in the neighboring port of Reni, in Ukraine.
“The EBRD is delighted to continue its support to Trans-Oil Group… We are contributing to the creation of an improved infrastructure for grain trading in Moldova and Ukraine, which will also benefit local farmers and other exporters, promote regional integration and forge closer investment ties between the two countries,” EBRD Director for Agribusiness Gilles Mettetal said.
It is expected that by 2017 the company will be able to collect five times more grain in Ukraine than it does now and that it will also be able “to establish cooperation with larger numbers of farmers and provide them with technical advice on sustainable and profitable farming.”
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