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.
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.
“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.
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.”
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.