AgroVista received a EUR 7,2 million loan from German Landesbanken
AgroVista agricultural holding (former UkrAgroCom&Hermes-Trading) received a seven-year EUR 7,2 million line of credit from Landesbanken. This was informed by Vladyslav Vyniarsky, CFO of AgroVista, within the framework of business breakfast with MHP, TAS Agro, Agrovista and the State Savings Bank of Ukraine (Oschadbank).
“We will invest EUR 7.2 million in the purchase of German equipment, the reconstruction of the sugar factory, agricultural equipment and energy efficiency,” Vladyslav Vyniarsky commented.
According to him, the company has gone through a great innovative development. And as a result, it is now working on a contract with the export agency Euler Hermes.
“However, there are two important points to be kept in mind. We received a guarantee from Euler Hermes, but the agency does not provide funds, they say: “Guys, here’s Landesbanken for you, go negotiate.” Each German bank which we contacted pointed at odious cases of Mriya and Creative Group, although so much time has passed. In this sense, it is extremely difficult to prove to investors and bankers that we are different. It took us some time. But thanks to the reorganization and audit, we did manage to do it,” noted the CFO of AgroVista.
Previously it was reported that AgroVista was set to purchase 54 rail cars in 2019.
Note:
The Landesbanken in Germany are a group of state-owned banks of a type unique to Germany.
Euler Hermes is a credit insurance company that offers a wide range of bonding, guarantees and collections services for the management of business-to-business trade receivables.