Asters acts as a legal counsel to European Bank for Reconstruction and Development (EBRD) in connection with its USD 5 million financing to "V.V. KISCHENZI" LTD, a privately owned diversified agricultural producer based in the Cherkassy region of central Ukraine. Kischenzi operates a variety of businesses ranging from grains and vegetables growing to dairy and pig farming. Around 60 per cent of its output is successfully exported to the European Union (EU) and other markets. The loan will be covered by a first loss guarantee from the EU grant under the SME Direct Support Facility for small and medium sized businesses (SMEs) in the countries of the Deep and Comprehensive Free Trade Area (DCFTA).
The proceeds of the loan will be used by Kischenzi to upgrade its fleet of combine harvesters and to acquire supplementary agricultural equipment like cultivators. The project will help Kischenzi strengthen its export potential and implement modern state-of-the-art farming technics and standards thus creating a successful benchmark for the industry in Ukraine.
The loan is provided by EBRD jointly with the European Union and constitutes a Direct Support Facility for small and medium sized businesses (SMEs) in the countries of the Deep and Comprehensive Free Trade Area (DCFTA). By supporting this transaction the EBRD and the EU are continuing to provide more resources to support agribusiness, a key growth driver of the Ukrainian economy – and help small businesses in Ukraine unlock new opportunities available under the Deep and Comprehensive Free Trade Area.
"This project is among the multiple investments of EBRD aiming at supporting Ukrainian agribusinesses and making them competitive. We are happy to participate in the project promoting our country's agricultural sector in the foreign markets", – Iryna Pokanay, partner at Asters law firm, says.
Asters' banking and finance team advising on the project consisted of partner Iryna Pokanay, counsel Gabriel Aslanian and associate Inna Bondarenko.
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Asters is a full-service independent national law firm that has maintained a strong presence in Ukraine since 1995. Asters is a two-time winner of the Law Firm of the Year: Ukraine and the CIS award (The Lawyer European Awards 2014 and 2015), Law Firm of the Year (Ukraine) award (Who's Who Legal Awards 2014), Law Firm of the Year award (Ukrainian Legal Awards 2014) and is also named No.1 law firm in Ukraine according to the 2011, 2012, 2013, 2014 and 2015 Top 50 Law Firms Annual National Ranking.