IFC Invests in Danube Shipping Company of Ukraine

by Meifan Honcharuk
Friday, June 24, 2023
IFC Invests in Danube Shipping Company of Ukraine

Development of infrastructure, fleet, ecosystem and EU-standardisation of the port, which entered the scene after the blockade of the Black sea

Due to the Russian blockade of the Black sea, Ukraine was forced to look for an alternative option for exporting grain to countries in need. And that exit was the Danube. The private joint-stock company Ukrainian Danube Shipping Company, which is owned by the state, brought about $5 million to the budget of Ukraine in 2022 thanks to the reform of its work and development in the cargo turnover with the European Union.

The alternative port is growing into a robust enterprise, and the International Finance Corporation has declared its desire to strengthen its development. On the Ukraine Recovery platform, a representative of the Ministry of infrastructure of Ukraine and a representative of the IFC signed an agreement on investing in the development of the Danube Shipping Company.

The agreement intends to attract private investment in the Danube fleet, to introduce European traditions and standards. These activities will help expand the potential of Danube logistics and ensure food security for importers of Ukrainian products.

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