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Tuesday, 29 July 2014

$60m EBRD loan for Odessa grain terminal

The Brooklyn-Kiev / Louis Dreyfus Commodities grain terminal in Odessa The Brooklyn-Kiev / Louis Dreyfus Commodities grain terminal in Odessa EBRD

The European Bank for Reconstruction and Development (EBRD) today announced that it is providing a loan of up to $60 million to Brooklyn-Kiev, a private Ukrainian stevedoring company which is developing a grain transshipment terminal in the Port of Odessa.

Brooklyn-Kiev forged a joint venture with Louis Dreyfus Commodities in October 2013 to develop and manage this Black Sea facility with an anticipated capacity of up to 4.5 million tonnes of grain.

The EBRD says that the terminal will address the “shortage of modern, deep-water port grain trans-shipment capacity in Ukraine.” With record harvest in recent years, Ukraine is becoming “an important global grain supplier,” notes the EBRD, adding that it is paying “special attention” to the development of port grain terminals, which handle over 95% of grain exports from the country.

“We know how important the agribusiness sector is for the economy of this country,” said Sevki Acuner, EBRD director for Ukraine. “The Bank is very pleased to support this venture, which is the product of a partnership between a major international commodity trader and a leading local stevedoring operator. It demonstrates that foreign and local investors have confidence in the sector and in Ukraine.”

“This investment will strengthen Odessa’s position as a major grain handling hub and support economic growth in Ukraine,” added Sue Barrett, EBRD director, Transport.

The EBRD says that it expects to be able to invest around €1 billion in Ukraine this year, with the annual level of investment since February 2014 now standing at €500 million.

It is the largest financial investor in Ukraine. As of the end of July 2014, it has committed €9.2 billion through 329 projects in the country.

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