EBRD approves provision of $85 mln to MHP to replenish working capital

14:54, 29.10.2015 1 min read

The board of directors of the European Bank for Reconstruction and Development (EBRD) has approved a project which includes the provision of $85 million to Myronivsky Hliboproduct (MHP) to replenish its working capital.

EBRD Senior Adviser for External Affairs Anton Usov told Interfax-Ukraine that the decision was made on October 28.

MHP will use these funds to replenish its working capital related to the cultivation of crops and feed production and purchase equipment for the soybeans plant.

MHP is the largest poultry producer in Ukraine and it is also engaged in the production of grains, sunflower oil, and meat.

MHP in 2014 saw poultry sales rise by 18% in comparison with 2013, to 525,460 tonnes. The net loss of MHP in 2014 totaled $412 million against $162 million in 2013, while its revenues over last year decreased by 8%, to $1.379 billion.