September 15 (SeeNews) - The International Financial Corporation (IFC), part of the World Bank group, said it is extending financing to Trans-Oil, a leading integrated agro-industrial group in Moldova, to promote its agricultural export activities and help raise the incomes of local farmers.
The $155 million (120 million euro) short-term pre-export finance facility, arranged by Societe Generale Corporate & Investment Banking and partly financed by IFC, will help Trans-Oil meet increased trade finance needs during the harvest season, given its strong growth in recent years, the IFC said in a statement last week.
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IFC is committing up to $30 million, working with Societe Generale CIB and a syndicate of other banks and alternative investors.
Up to 15,000 farmers that supply Trans-Oil with grains and oil seeds will benefit from opportunities for additional revenue and increased integration into international markets.
The facility is an evolution of IFC’s Critical Commodity Finance Program, launched in 2012 to facilitate imports of agriculture and energy-related goods in the world’s poorest countries.
The food and agribusiness sector accounts for half of Moldova’s exports and employs more than one-quarter of its workforce. Trans-Oil is the country’s largest trader of grains and processor of vegetable oil.
($ = 0.7736 euro)