EBRD loans additional USD 10 mln to Astarta-Kyiv

The European Bank for Reconstruction and Development (EBRD) loans Astarta-Kyiv's subsidiary, ZERNO-AGROTRADE LLC, USD 10 mln of additional credit facility to finance working capital.

The bank's Board of Directors made such decision on Sep. 2, EBRD Senior Advisor on External Affairs Anton Usov reported, Interfax-Ukraine writes.

The bank's statement reads that the financing will help it withstand the COVID19-caused crisis.

This is an additional tranche to the approved in August 2018 senior secured long-term loan of USD 20 mln.

As a reminder, on Apr. 8, 2020, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a member of German KfW Group, issued a USD 10 mln tranche to Astarta-Kyiv under the credit agreement totalling USD 20 mln.

The company's net loss for the three months ended 31 March 2020 totalled EUR 13.32 mln, 2.7x higher YoY (Q1 2019: EUR 4.89 mln).