Ukraine's Cabinet of Ministers has approved the provision of $23 million financing by the European Investment Bank (EIB) to Organic system (Mykolaiv region).

The decision was made at the Thursday government meeting.

According to a posting on the government's website, the sum will be sent to launch a new workshop to preserve tomatoes in Mykolaiv region.

Organic system farm is part of the largest Ukrainian vertically integrated tomato paste producer - Agrofusion Group – belonged to businessman Serhiy Sypko.

The International Finance Corporation (IFC) from the World Bank Group in May 2016 approved the issue of $10 million to finance the working capital of Agrofusion Group.

Agrofusion Group was founded in 2007. The company in 2014 increased production of tomato paste to 52,780 tonnes, and in 2015, thanks to capital investments, expanded the capacity and reached a new maximum of 61,500 tonnes.

Agrofusion includes two tomato paste production plants with the processing capacity of about 500,000 tonnes of tomatoes per season, as well as farms in Kherson and Mykolaiv regions, processing 20,000 hectares of irrigated land, and two greenhouse farms.