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Prometey raises $5 mln in Switzerland under agricultural receipts

KYIV. Sept 13 (Interfax-Ukraine) – Prometey Group received a loan of $5 million from a Swiss investment fund, entered into an agreement using the instrument of agricultural receipts secured by the future harvest, founder and owner of Prometey Group Rafael Goroyan said in an interview with Focus magazine.

"We will be happy to present this mechanism among Ukrainian banks, transnational top buyers and our partners. The precedent that we managed to raise funding from a serious international partner under agricultural receipts is a very good story for the Ukrainian agricultural sector," he said in an interview.

The owner of the company said that in order to receive external investments, Prometey had previously passed an international financial audit.

As reported, in January-June 2021, agricultural producers raised about UAH 10 billion of financing, issuing almost 1,700 agricultural receipts secured by the future harvest.

In general, since the beginning of the operation of this instrument in 2014, some 7,100 agricultural receipts have been issued for a total of more than UAH 41.8 billion (as of early June 2021).

Financing under agrarian receipts is provided by 316 creditors. This financial instrument is most actively used in Kyiv, Mykolaiv, Poltava, Rivne and Vinnytsia regions.

According to the Ministry of Agrarian Policy and Food, since mid-2020, the number of new users of agricultural receipts has decreased due to the high cost of transactions with them: the cost of a receipt is approximately 0.5% of the financial liability amount, on average it is more than UAH 30,000 per document.

Prometey Group provides storage, processing and logistics services for grain and leguminous crops using 29 elevators in Mykolaiv, Kirovohrad, Kyiv, Khmelnytsky, Zaporizhia, Sumy, Odesa, Kherson and Dnipropetrovsk regions.