Mykolayiv, Ukraine June 25, 2004—The
International Finance Corporation (IFC), the private sector financing arm
of the World Bank Group, signed an agreement today to provide a $10 million
loan to Sandora Ltd., the number one producer of branded packed juices
and nectars in Ukraine. IFC’s loan will help the company improve
product quality, strengthen its local raw material base, and broaden its
reach to the Ukrainian consumers.
The project is designed to strengthen the company’s market position by
modernizing its facilities, increasing capacity and developing a distribution
network. In addition, the company will expand supply of local fruit.
The company is also committed to bringing its environmental, occupation
and health management, as well as operational systems, to international
“The agricultural sector is vital to Ukraine’s economic development.
By investing in Sandora IFC will contribute to stimulating growth and creating
jobs for Ukrainian farmers in this important sector," said Edward
Nassim, IFC’s Director of the Central and Eastern Europe Department.
Jean-Paul Pinard, IFC’s Director of the Agribusiness Department said,
“IFC’s investment in Sandora reflects our strategy to support local market
leaders in Ukraine’s agribusiness. Companies like Sandora set a high standard
for the industry, promote competition and growth, and have a high impact
on the development of Ukraine’s farming sector.”
"We are happy to see that our efforts are supported by international
financial institutions. Working in partnership with IFC will help our company
rise to global standards in production and management and strengthen investor
confidence in Ukrainian agricultural sector as a whole,” said Sergiy Sypko,
Director of Sandora.
Sandora Limited Liability Company is the leading manufacturer of branded
packaged juices and nectars in Ukraine. Located in Southern Ukraine, Sandora
produces a wide range of natural juices and nectars from locally grown
fruits and vegetables and imported concentrated juices under several well-established
brands. The Company supplies mainly the Ukrainian market, with exports
to Russia, the Baltics, Moldova, Azerbaijan, Turkmenistan, Armenia, etc.
Sandora’s owners and management have capitalized on opportunities offered
by economic growth and increasing consumer nutritional awareness. They
have transformed the company from a small regional player into a leading
national branded juice producer.
International Finance Corporation (www.ifc.org).
The mission of IFC is to promote sustainable private sector investment
in developing countries, helping to reduce poverty and improve people's
lives. IFC finances private sector investments in the developing world,
mobilizes capital in the international financial markets, helps clients
improve social and environmental sustainability, and provides technical
assistance and advice to governments and businesses. From its founding
in 1956 through FY03, IFC has committed more than $37 billion of its own
funds and arranged $22 billion in syndications for 2,990 companies in 140
developing countries. IFC's worldwide committed portfolio as of FY03 was
$16.7 billion for its own account and $6.6 billion held for participants
in loan syndications.
Ukraine became a member of IFC in 1994. Since then, IFC has invested about
$100 million in nine projects. IFC significantly expanded its investment
program in Ukraine last year, approving $63.5 million of investments.
IFC's increased activity reflects the improving investment climate in Ukraine,
greater opportunities in a broad range of sectors, and a stronger foreign
investor interest. IFC has also been conducting an extensive technical
assistance program in Ukraine since 1992. IFC has contributed to privatization
of small businesses and unfinished construction sites. Current donor-funded
programs offer advice on corporate governance, the development of the agribusiness
sector and seek to improve the business environment and promote the growth
of the small and medium enterprise sector.