The International Finance Corporation (IFC), a member of the World Bank Group, will provide a loan of USD 37 million to the MV Cargo company for financing construction of a new grain terminal at the Yuzhny port. The loan agreement was signed on March 29, the IFC announced. The loan was approved at the beginning of this year.
The financial institution expects the new terminal to help Ukraine boost its agricultural exports and contribute to global food security.
The partners of IFC and MV Cargo in this project include Cargill and the European Bank for Reconstruction and Development (EBRD). The total project costs are estimated at about USD 150 million. The new terminal will be capable of handling up to 5 million tons of grain annually.
According to MV Cargo, the new terminal should begin operation in the spring of 2018. Construction of the terminal reached 40% completion in In March 2017.
The transshipment capacities and a 16-meter depth at its berth will allow the terminal to handle up to 10% of Ukraine’s total grain exports, the MV Cargo said.