Flexible packaging producer IMMER Group has secured a €30m financing package from International Finance Corporation (IFC), which is expected to support export-led economic growth and create jobs in Ukraine.
The financing package includes €15m in debt mobilised from other lenders.
Through the funding, IFC intends to support the growth of flexible packaging materials manufacturer IMMER Ukrplastic, whose production facilities are based in Kyiv.
The move is expected to help the company to open new markets and diversify its exports to the EU.
IMMER Group president Irina Mirochnik said: “IFC’s financing comes at a crucial time. Ukraine’s economy is returning to growth and we are looking to capitalise on this, growing in different market segments, launching new, innovative products for the food processing and agribusiness sector, and diversifying our export markets.”
The project is expected to create new jobs, support measures to boost food security and help to improve sustainable agricultural practices.
The project will also provide food packaging materials and new products to the agricultural sector, including biodegradable mulch and silage films.
IFC Ukraine, Belarus and Moldova regional head Jason Pellmar said: “This project is aligned with our strategy in the country, strengthening the competitiveness of local industry, supporting job creation, and boosting the growth of a competitive, export-oriented company.”
In the last ten years, World Bank Group member and global development institution IFC committed more than $3.2bn in long-term projects across several sectors in Ukraine.