The FINANCIAL — IFC, a member of the World Bank Group, is providing a financing package of over 30 million euro to IMMER Group, one of the leading Eastern European producers of flexible packaging, to support export-led economic growth and create jobs in Ukraine.
IFC’s financing package, which includes 15 million euro in debt mobilized from other lenders, is designed to support growth of IMMER Ukrplastic, Ukraine’s largest manufacturer of flexible packaging materials whose production facilities are based in Kyiv. IFC’s engagement helps the IMMER Group’s broader effort to open new markets and help diversify its exports to the European Union.
“IFC’s financing comes at a crucial time. Ukraine’s economy is returning to growth and we are looking to capitalize on this, growing in different market segments, launching new, innovative products for the food processing and agribusiness sector, and diversifying our export markets,” said Irina Mirochnik, IMMER Group president, and one of the few female CEOs of a large Ukrainian manufacturing company.
“This project is aligned with our strategy in the country, strengthening the competitiveness of local industry, supporting job creation, and boosting the growth of a competitive, export-oriented company,” said Jason Pellmar, IFC’s regional head for Ukraine, Belarus and Moldova.
IMMER Ukrplastic currently employs around 1,400 people in Ukraine. The project will help create dozens of new, highly-skilled and well-paid jobs. It will also contribute to boosting food security and helping to improve sustainable agricultural practices by providing high quality food packaging materials and new products to the agricultural sector, including biodegradable mulch and silage films, according to IFC.
IFC is a key international investor in Ukraine’s private sector, having committed over $3.2 billion in long-term projects across a range of sectors in the last 10 years.