The European Bank for Reconstruction and Development (EBRD) has signed an agreement on provision of a loan of up to USD 60 million to Brooklyn-Kiev, one of the leading private stevedoring companies in Ukraine, which is building a grain transshipment terminal with a projected capacity of 4.5 million tons of grain per year at the Odessa seaport. The Interfax Ukraine news agency reported this, citing the press service of the EBRD.

The project is being implemented in accordance with the agreement between Brooklyn-Kiev and the Louis Dreyfus Commodities company, a global leader in agribusiness, which provides for establishment of a joint venture for development and management of the terminal and related activities.

According to experts with the EBRD, in addition to addressing the shortage of modern, deep-water-port grain transshipment capacity in Ukraine, the terminal will benefit the region by creating jobs and increasing economic activity in the area around the Odessa port.

Read also: “Interview with the Managing Director of Brooklyn-Kiev: Nothing is Actually Being Done Despite Impressive Statements from the Government”

The EBRD states that Ukraine is becoming an important global grain supplier due to record grain harvests in the country in recent years.

"This investment will strengthen Odessa’s position as a major grain handling hub and support economic growth in Ukraine. It is part of the EBRD’s strategy to support integrated transport solutions in the countries where we work," EBRD Director for Transport Sue Barrett is quoted as saying in a press release by the bank.

The Brooklyn-Kiev stevedoring company has been operating berths at the Odessa seaport’s Grain Harbor since September 1994. The company specializes in transshipment of bulk grain, steel, and ore cargoes.

The EBRD had lent over EUR 9.2 billion (USD 12.3 billion) to Ukraine under 329 projects as of July 1, 2014.