European Investment Bank to finance Ukrainian agri-food sector

By Caroline SCOTT-THOMAS contact

- Last updated on GMT

European Investment Bank to finance Ukrainian agri-food sector

Related tags: International trade

The European Investment Bank (EIB) has signed an agreement with Ukraine to provide financial support to its agri-food sector and help it benefit from the EU free trade area.

The EIB said on Friday it would provide loans to finance investments that strengthen the competitiveness of local agri-food value chains, covering cereals, oil seeds and aquaculture. The loans would help Ukraine take advantage of its Deep and Comprehensive Free Trade Area (DCFTA) agreement with the EU, it said.

EIB Director of the Neighbouring Countries Department, Heinz Olbers, said in a statement: “The agri-food sector is of strategic importance for Ukraine and improving its resource efficiency and the quality of its products is vital for the economic recovery and sustainable development of this country.

“…This will help better satisfy domestic demand for quality produce and increase the competitiveness of the sector and its exports to the EU and global markets, in line with the trade liberalisation and standards harmonisation commitments made by both sides of the EU-Ukraine DCFTA.”

Finance would be provided through the Ukrainian government, via financial institutions or directly, to fund both private and public initiatives.

The EIB has previously committed to lending €3.2bn in Ukraine.

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