Ukraine: EBRD (European Bank for Reconstruction and Development) has provided a renewable US$10 million credit to Ukraine's largest beer-maker, "Obolon", based in Kiev. According to the information from the Bank, the credit funds will be directed to replenishment of the plant's current assets, in particular - to purchases of barley, AgriMarket.Info revealed on December 16.

The Bank's press-release informs that Obolon will be able to use grain warehouse certificates as the main security under the credit. This is the second deal of such king in Ukraine - which allows using the mechanism of warehouse certificates (the first one was allocation of a $20 million credit by EBRD the bank HVB Ukraine to the agro-industrial company Eurotech in November this year).

According to Director of EBRD Agribusiness Department Gans Christian Jacobsen, the high reputation of Obolon will encourage development and more extensive introduction of warehouse certificates system in Ukraine and will demonstrate high efficiency of this mechanism.

18 December, 2004