EBRD LOAN TO ASTARTA SUPPORTS ENERGY EFFICIENCY AT TWO MAJOR SUGAR PLANTS IN UKRAINE
Two major sugar plants of Astarta will meet EU standards and establish environmental benchmarks
U.S.-Ukraine Business Council (USUBC),
Wash, D.C., Wed, July 6, 2016
WASHINGTON, D.C. -- The European Bank for Reconstruction and Development (EBRD) is pledging more resources to improve the competitiveness and energy efficiency of Ukraine’s agribusiness corporates, according to a news release this week from EBRD.
"With a senior loan of up to US$ 20 million, the Bank will be supporting energy efficiency and environmental improvements to two major sugar plants owned by the Astarta Group, one of the EBRD’s largest agribusiness partners in Ukraine. These improvements will lead to lower production and energy costs as well as an increase in their productivity and efficiency," EBRD reported in their news announcement.
"Astarta Group is a leading vertically-integrated agricultural holding which operates nine sugar processing plants across Ukraine and is responsible for a quarter of the country’s sugar production.
"Astarta Group will use the EBRD’s funding to launch the first stage of its long-term strategy, which will be aiming for compliance with the EU’s Best Available Techniques (BAT) for the food, drinks and milk industries, making it a benchmark for the industries in Ukraine and improving its overall competitiveness domestically and externally," according to EBRD.
"Implementing this investment program will bring Astarta’s sugar factories close to the level of international competitors. It will focus on replacing aging processing equipment with new, best-in-class machinery by leading European manufacturers. This will have a further positive effect on energy and water efficiency, sugar quality and mitigation of any negative environmental impacts.
"Necessary technical assistance for the project has been provided by the EU Neighborhood Investment Facility.
"The investment is part of the company’s current financing program to procure energy efficient equipment for its major sugar plants, acquire equipment for sugar quality improvement and finance a range of environment and health and safety measures.
"The cooperation between Astarta and EBRD has yielded impressive results over the years, including substantial gas and coal consumption savings for the Astarta Group, the first-ever carbon credit transaction in Ukraine and the construction of a new dairy farm and a biogas facility," the EBRD news release said.
"EBRD is the largest international financial investor in Ukraine. As at end of June 2016, the Bank has a total cumulative commitment of almost €12 billion through 364 projects in the country."
USUBC NOTE: Astarta is a long-time member of the U.S.-Ukraine Business Council (USUBC), Wash, D.C. www.USUBC.org
NEWS: For the latest news about Ukraine go to the KYIV POST website: www.KyivPost.com.
The Kyiv Post of the ISTIL Group is a member of the U.S.-Ukraine Business Council (USUBC).
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