IFC loaned USD 20 mln to Nyva Pereyaslavschyny
The International Finance Corporation (IFC) announced a loan of up to USD 20 mln to Nyva Pereyaslavshchyny to finance its working capital in an effort to limit potential input supply chain disruptions in meat production due to the COVID-19 pandemic, thereby supporting domestic food security.
Nyva Pereyaslavshchyny, an IFC client since 2015, is significantly increasing its raw material inventory, such as feed components and fertilizers, many of which are imported, in order to avoid production disruptions. IFC’s financing will enable these purchases, ensuring critical financial support in a time of crisis and when other sources of liquidity are limited, the corporation says in a statement.
According to Oleksandr Mostipan, the founder of Nyva Pereyaslavshchyny, the COVID-19 pandemic and the economic downturn nearly halted growth in the private sector, and Nyva Pereyaslavshchyny would not have been an exception.
"Investing and business development in such circumstances are extremely challenging. However, due to an immediate response and the financial support from our long-standing partner IFC, we are able to proceed with our investment projects. We can expand, and ensure job security, remaining stable in these turbulent times,” he noted.
Previously reported that the European Business Association's (EBA) research data show that the Investment Attractiveness Index in the first half of 2020 amounted to 2.51 points out of 5 possible and continues to be in the negative area.