IFC restructures over USD 18 million loan to NIBULON
NIBULON has signed a debt restructuring agreement with the International Finance Corporation (IFC) covering an outstanding loan of USD 18.2 million.
This agreement finalises the previously agreed terms and extends the final maturity to 2029.
The initial USD 120 million loan provided by IFC in 2017 was used to develop NIBULON's infrastructure projects.
"Many of these assets were severely damaged in early 2022 due to russia's full-scale invasion of Ukraine. Despite the losses, which left about 68% of the company's assets idle, NIBULON continues to operate and invest in the agricultural sector of Ukraine. The agreed restructuring provides the company with additional flexibility to meet its financial obligations during the recovery period," the company says in a statement.
IFC became the first international financial partner of NIBULON to officially set out the terms of the restructuring. The company is working to reach similar agreements with other financial institutions, including the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- und Entwicklungsgesellschaft (DEG) and the Dutch entrepreneurial development bank (FMO).
