EBRD supports construction of new plant with €10 million loan
Kormotech will substantially expand its domestic and international operations thanks to a loan of up to €10 million provided by the EBRD.
The funds are part of a wider investment programme which includes the construction of a new production facility in Lithuania and the expansion of the company’s activities in Ukraine. Legal due diligence for the project is partially unded by the Japan-EBRD Technical Cooperation Fund.
As part of the project Kormotech will support the expansion of specialised veterinary education across Ukraine to improve the job prospects of young professionals from remote areas.
Kormotech is one of the top three market players in the Ukrainian pet food market and the first and largest Ukrainian producer of high-quality pet food for cats and dogs. The company is privately-owned and has grown rapidly since its establishment in 2003. With the current expansion program the company intends to meet growing domestic demand as well as diversify its sales
geographically. By the end of 2023, Kormotech aims to double its revenue comparing to 2019 and to get on the top pet food companies list. Today Kormotech's products are sold to 25 countries worldwide, with the main focus on the European market. Lithuanian facility will ease export to Scandinavian, some European countries and Latin America.
The EBRD is a leading institutional investor in Ukraine and to date has committed more than €14.5 billion in over 450 projects to the country. The Bank’s investments in Lithuania stand at €900 million at present.