The EBRD is extending a US$ 10 million loan to a Sevastopol-based shipping company Yugreftransflot. The Bank’s funding is contributing towards the total cost of the acquisition of two multi-purpose dry cargo vessels with deadweight of 5,190 tonnes each.

Yugreftransflot, which has been a client of the Bank since 2007, is implementing a new development strategy aimed at diversification of its traditional business. With the help of the EBRD loan it will expand its business from the traditional reefer sector to the regional dry bulk transportation.

As a result of the project, Yugreftransflot will also implement significant institutional and environmental initiatives promoted by the EBRD, including the introduction of a Corporate Governance Code and a greenhouse gas accounting and monitoring system.

The EBRD is the largest financial investor in Ukraine. As of 31 December 2011, the Bank had committed over €7.5 billion (US$ 9.6 billion) in 294 projects.