Ukraine's Nibulon raises EUR27 mln from Danish fund EIFO to invest in elevator, flour mill

Nibulon, one of the largest players on Ukraine's grain market, has raised 27 million euros from the Export and Investment Fund of Denmark to expand the capacity of its branch in Izmail

JV Nibulon LLC (Mykolaiv), one of the largest operators in the grain market of Ukraine, has attracted EUR 27 million from the Export Investment Fund of Denmark (EIFO) to increase the capacity of the Besarabsky branch in Izmail, where a granary and a flour mill will be built, the company's press service reported on Facebook.

"We are extremely impressed with the speed of decision-making and support from Denmark in these difficult times for the Ukrainian economy. We need more and more of these positive signals so that others can emulate them," CFO of Nibulon Olha Babanina said.

According to the grain trader, the borrowed funds will be used to build the granary for the simultaneous storage of 118,500 tonnes of grain and a high-tech modern mill with a daily capacity of 750 tonnes.

This infrastructure solution will allow Nibulon to increase the monthly export capacity of the branch to 300,000 tonnes, supply flour to the domestic market, and serve the interests of the mission of protecting food security of the UN World Food Programme through the Danube ports, the company said.

In addition, adding to the company, the construction of new production facilities will increase the number of jobs in the region and attract 100 specialists to work.

Nibulon was founded in 1991 and until February 2022 it had 27 handling terminals and complexes for agricultural products with capacity to store 2.25 million tonnes of agricultural products, a fleet of 83 vessels, as well as the Nikolayev Shipyard. It cultivated 83,000 hectares of land in 12 regions of Ukraine and exported agricultural products to more than 70 countries.

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