Farmak (Ukraine) to obtain EBRD credit

European Bank for Reconstruction and Development (EBRD) may credit Farmak (Kyiv), the largest Ukrainian pharmaceutical manufacturer, with EUR30m, LigaBusiness Inform said. Part of this loan will be sindicated with other commercial banks. EBRD Board plans to consider the issue of credit approval in  mid-October, 2006.

Farmak's EUR86m project is targeted at expanding and modernizing of production up to GMP standards (Good Manufactoring Practices).

Farmak was set up on the basis of Kyiv chemical pharmaceutical plant named after M.V.Lomonosov in 1925. The company provides 10% of the total pharm output in Ukraine. Farmak exports 11% of its output  to Russia, CIS countries, Baltic states, Bulgaria and Poland.

EBRD is the largest investor in Ukraine with EUR2.2bn liabilities in a number of industries. Moreover, EBRD should pay EUR4.2bn in accordance to 292 agricultural and industrial development agreements with CIS countries.

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