Black Sea Trade and Development Bank provides USD 15 mln credit facility to Kernel

The Black Sea Trade and Development Bank (BSTDB) is contributing up to USD 15 mln to a pre-export finance facility provided to Kernel Group. The BSTDB loan will be used to finance the Group’s purchases of sunflower seeds in Ukraine, primary processing, storage and transportation and subsequent export to other countries.

The BSTDB financing is part of a USD 390 mln secured syndicated facility contributed by a group of international commercial banks.

“Supporting agriculture, food processing and export are BSTDB’s key priorities in Ukraine largely contributing to economic growth and state revenues. Our strengthening cooperation with Kernel Group as a major producer and exporter generates an important development impact in the country and contributes to the regional trade,” said Dmitry Pankin, BSTDB President.

The EBRD Board approved a USD 120 mln credit facility to finance working capital needs of Kernel Group.