The European Bank for Reconstruction and Development may increase from $20 million to $40 million the financing of working capital of the holding company Ukrainian Agrarian Investments, which controls 74 Ukrainian agricultural enterprises.

As reported by the EBRD, its Board of Directors plans to review the project on June 14 this year. The Bank attributed the need for increased funding to the extension of leased acreage developed by the holding to 250,000 hectares and the growth of its agricultural operations. Part of the funds will be spent on the purchase of agricultural machinery.

The total annual demand of Ukrainian Agrarian Investments for working capital, according to the EBRD, has grown over the past year from $70 million to $120 million. Agricultural enterprises of the holding company controlled by Renaissance Group (Russia) are located in four regions in the north and west of Ukraine.

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