IFC – International Finance Corporation, a member of the World Bank Group, is providing a $37 million loan to MV Cargo to support the construction of a new grain terminal at the Black Sea Port of Yuzhny.
IFC’s financing will allow the company to build a terminal capable of handling up to 5 million tons of grain annually.
Other partners in the project include Cargill and the European Bank for Reconstruction and Development. The total project costs are estimated at about $150 million.
“We have already started the construction works at the Yuzhny port. Our plan is to have the new grain terminal operational by spring 2018,” said Andrii Stavnitzer, co-owner of MV Cargo.
“The works include the development of rail infrastructure and dredging works. The deep water port capacities are essential to boost Ukrainian grain exports further. Actually, it is one of the largest recent investments in Ukraine.”
IFC is a leading investor in Ukraine’s farming industry and has committed about $845 million in the last six years to support projects throughout the sector.