PET FOOD SUPPLIER GETS 3.3 MILLION EURODOLLAR LOAN
The European Bank for Reconstruction and Development (EBRD) is providing Kormotech, one of Ukraine’s leading pet food producers, with a loan of up to €3.3 million to meet working capital needs and ensure smooth operations despite the COVID-19 pandemic.
Kormotech will also expand its veterinary education offerings across Ukraine to improve job prospects for young professionals from remote areas. The company has already delivered 36 online pet care trainings for over 750 young veterinarians in cooperation with the Ukrainian Guild of Veterinarians. At least 100 students benefited from a fee waiver.
Kormotech Group is one of the top three market players in the Ukrainian pet food market and the primary Ukrainian producer of high-quality pet food for cats and dogs. The company is privately owned and has grown rapidly since its establishment in 2003. Kormotech products are exported to 38 countries in the world.
The company is a longstanding EBRD client. The Bank previously provided a €10 million loan for the construction of a new production facility in Lithuania, which has been operational since June 2020.
The new project is supported by grant funding provided by the Japan-EBRD Technical Cooperation Fund. Grant funds will partially cover external legal costs.
The EBRD is the largest international financial investor in Ukraine. The Bank has made a cumulative commitment of almost €14.6 billion across 482 projects since the start of its operations in the country in 1993.