The European Bank for Reconstruction and Development (EBRD) has provided a $10 million loan extending the working capital facility approved in 2018 to Astarta Group.

The bank said in a press release on Monday that the two-year loan will help it implement plans related to the introduction of the precision farming.

"Astarta is applying these modern agricultural technologies to improve crop yields and reduce the use of mineral fertilisers by 15%. The company is offering a specialised training programme to high school graduates and students willing to work in the agribusiness sector in Ukraine as part of this project," the EBRD said.

Astarta Group is one of the largest vertically-integrated agricultural companies in Ukraine, operating eight sugar plants, around 230,000 hectares of leased arable land as well as dairy farms and engaged in soybean processing.

The EBRD is the largest international financial investor in Ukraine. To date, the Bank has made a cumulative commitment of almost EUR 15 billion through 466 projects in the country.

The EBRD launched two Solidarity Packages in response to the COVID-19 crisis and now expects to dedicate its total business investment of up to EUR 21 billion in 2020-21 to overcoming the economic impact of the crisis.