EBRD to consider provision of $37 mln to M.V. Cargo for grain terminal at Yuzhny port in Sept

11:27, 08.07.2016 1 min read

The European Bank for Reconstruction and Development (EBRD) on September 7 will decide on the provision of a $37 million senior secured loan to M.V. Cargo LLC to finance construction of a grain terminal at Yuzhny seaport (Odesa region).

The total cost of the project is $130 million.

The report to finance the project was published by the bank in October 2015.

U.S. Cargill, the Sea Port Authority of Ukraine and M.V. Cargo in August 2015 signed a trilateral memorandum of intent to implement an investment project at the Yuzhny seaport.

The parties formalized their intents with signing of an agreement on acquisition of 51% of shares in M.V. Cargo by Cargill.

M.V. Cargo acts as a developer and undertakes liabilities to build a marine grain handling terminal and berth 25 at the Yuzhny port. A capacity of the first phase of the terminal will be up to 5 million tonnes. The capacity will be increased by two or four million tonnes during the second project phase.