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IFC invests $37 million in Ukrainian packaging company

Source : 112 Ukraine

The cooperation with the IFC is expected to help the IMMER Group’s larger effort to reach new markets and diversify its exports to the European Union.
14:39, 15 January 2018

Open source

The International Finance Corporation (IFC), the private sector branch of the World Bank Group, has decided to provide a financing package to the tune of $37 million to IMMER Group, a prominent Eastern European producer of flexible packaging, to support export-led economic growth job creation in Ukraine.

Related: Ukrainian government, World Bank agree on attraction of IFC to privatization of Ukrgazbank

The package includes $18.4 in loans mobilized from other lenders, is supposed to support the growth of IMMER Ukrplastic, the country’s largest manufacturer of flexible packaging materials with production facilities located in Kyiv. The cooperation with the IFC is expected to help the IMMER Group’s larger effort to reach new markets and diversify its exports to the European Union.

Related: IFC gets loan in hryvnia for first time

“This project is in accordance with the country’s strategy – strengthening the efficiency and competitiveness of local producers, supporting job creation, and accelerating the expansion of a competitive, export-oriented enterprise,” IFC’s regional head for Ukraine, Belarus and Moldova Jason Pellmar remarked.

Related: IFC and Switzerland to help improve investment climate in Ukraine

President of IMMER Group Iryna Myroshnyk added: “IFC’s financing is coming at a vital time. Ukraine’s economy is growing again and we are hoping to capitalize on this, expanding in different market segments, launching new, innovative products for the agribusiness and the food processing industries, and diversifying our export destinations.”

Related: IFC corporation invests $300 million in Ukrainian agriculture

IMMER Ukrplastic currently has over 1,400 employees in Ukraine. This project will create dozens of new, highly-skilled jobs. It will also contribute to the enhancement of food security and to the improvement of sustainable agricultural practices by providing high-quality food packaging materials and new products to the agricultural industry, including biodegradable mulch and silage films.

The International Finance Corporation is a pivotal investor in the private sector of Ukraine’s economy. Over the past 10 years, the company has committed more than $3.2 billion to a number of long-term projects across a wide range of industries.

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