AgroGeneration resumes credit line of $35 mln at Alfa-Bank

14:08, 19.10.2015 1 min read

France's AgroGeneration with assets in Ukraine, which merged with Harmelia in late 2013, has resumed raising funds under a credit line of $35 million opened by Alfa-Bank (Kyiv).

The company said in a press release on Monday that on October 13, 2015, the company received $6.2 million for the 2015-2016 agricultural campaign.

The decision to raise the funds was made after progress in Ukraine's debt restructuring and the ceasefire in the Anti-Terrorist Operation zone.

AgroGeneration said that the International Monetary Fund (IMF) predicts that Ukraine's GDP will grow by 2% in 2016.

In April 2015, Alfa-Bank issued a first tranche of $6.4 million to AgroGeneration to finance the sowing campaign. The credit limit was set for a five-year period.

France's AgroGeneration was founded in 2007. It specializes in the production of grains and oilseeds. In Ukraine, it currently cultivates about 120,000 hectares of farmland.