IFC to issue $25 mln loan to Astarta

09:51, 06.05.2016 1 min read

The International Finance Corporation (IFC) intends to provide Ukraine's Astarta holding with a credit line of $25 million to replenish working capital to purchase agricultural materials.

According to a report from the IFC, it is expected that the corporation board of directors will consider the issue on May 30.

"The project will help Astarta replenish working capital and purchase agricultural crops from local farmers during the harvest time when crop availability is at its peak and prices are usually the lowest, which allows the company to achieve stable supplies of raw materials for processing and limit the volatility margin," the IFC said.

As reported, in October 2015 the IFC issued $35 million to Astarta for business diversification and increasing soybeans processing.

IFC Press Secretary Olena Harmash told Interfax-Ukraine that IFC financing package consists of a loan of $15 million from the own account of the IFC and $20 million of debt financing raised from other investors.