The bank reports that the loan funds will be used to finance the construction of the fourth tomato processing plant of the group and new greenhouses and purchase equipment for processing tomato pomace, new agricultural equipment, and eco-plastic containers for tomato paste.
The project is expected to increase the scale and competitiveness of Agrofusion by increasing its total paste production capacity by 30%.
EBRD's financial support in 2020
In August 2020, the EBRD allocated €10 million to the Organic Systems farm of the Agrofusion group.
The loan allowed Agrofusion to provide:
• Sufficient financing of working capital of the current campaign for the cultivation of agricultural products and their processing until November 2020 and beyond,
• Implementation of the investment program, which was part of the project between the EBRD and Agrofusion, approved in 2017.
Main about the EBRD
European Bank for Reconstruction and Development (EBRD) invests in projects that contribute to the transition to an open market economy and the development of private and business activities. Since its establishment in 1991, the bank has implemented over 6.133 projects.
The EBRD provides project finance to banks, industries and individual businesses, both new and existing.
More about Agrofusion
Agrofusion is the third-largest tomato producer in Europe and exports over 72% of its production to 45 countries worldwide.
Agrofusion is a Ukrainian vertically integrated agricultural holding with a closed production cycle for growing tomatoes and their subsequent processing into tomato paste. The company's enterprises are located in the south of Ukraine — in the Mykolaiv and Kherson regions. The company unites three factories, 20 thousand hectares of irrigated land and two greenhouse complexes for growing seedlings. The holding produces tomato paste under the TM "Inagro" trademark.