News
22.06.2010
IFC Invests in Meat Producer Globino to Help Generate Jobs in Ukraine
Kiev, Ukraine, June 22, 2010—IFC, a member of the World Bank Group, will invest in meat producer Globino to help increase production capacity, modernize equipment, and create about 600 jobs in central Ukraine’s Poltava Region.
IFC will provide $25 million as debt and quasi-equity financing. The financing will be used to support the expansion of production capacity of fresh and processed meat, increase pig farm and slaughterhouse capacity, and modernize and expand cheese and butter-making capacity.
“This partnership with IFC is very important for us,” said Oleskander Kuzminsky, Founder of Globino. “Our company is still relatively young and we are looking to grow by improving our operations and production quality standards. IFC’s funds will help us expand our capacity to meet growing demand for pork in Ukraine.”
Elena Voloshyna, IFC Country Manager for Ukraine, said, “This deal demonstrates our commitment to supporting Ukraine’s agribusiness sector as it is a vital engine of economic development and job creation in the country. IFC’s investment will support Globino’s expansion and modernization of its operations following the economic crisis. We support the company’s growing focus on quality and improved energy efficiency solutions.”
