July 07, 2016 | Cbonds
|According to the announcement on the IMC’s website, the company has attracted a USD 20 mn loan from the European Bank for Reconstruction and Development (EBRD) to finance working capital needs of the company’s farming operations.|
Additionally, the company notes that as part of the cooperation with the EBRD, IMC has become the first company in Ukraine to undergo the Resource Efficiency and Climate Change Adaptation Assessment commissioned by the EBRD. Based on the results of the assessment, IMC’s experts together with the experts engaged by the EBRD have developed an action plan for adaptation of agricultural practices of IMC to climate change, which will be implemented during the period of 2016-2017. Also several areas of investments have been suggested by the experts to reduce the use of energy, water and materials across the operations of IMC.
The news is POSITIVE for IMC. As we predicted, the EBRD Board took a positive decision on the loan to IMC, although the timing of the disbursement was shifted from spring to summer. The company will benefit from receiving additional financing from the EBRD, as IMC will need money to finance the autumn harvesting campaign.