IFC, Raiffeisen Bank Aval to allocate $60 mln for farmers' purchase of chemicals from Bayer

13:31, 06.07.2015 1 min read

The International Finance Corporation (IFC) and Kyiv-based Raiffeisen Bank Aval have decided to allocate $60 million on a parity basis under a farmers lending project for the purchase of plant protection products from the Ukrainian subsidiary of German-based Bayer AG.

The IFC reported that its board of directors approved the project on June 29, 2015 and the IFC's contribution under the project will amount to $30 million.

The proposed project is similar to a program organized by the IFC, Raiffeisen Bank Aval and Bayer in 2011.

The purpose of the project is to boost the productivity and efficiency of agribusinesses in Ukraine by improving access to finance for the purchase of seeds and crop protection products. The program is expected to engage about 20,000 small and medium-sized farms.

The previous program covered more than 11,300 farms.