The International Finance Corporation (IFC), a member of the World Bank Group, is providing more than €30m of financing package for Ukraine-based flexible packaging producer, Immer Group.
The financing package, which will support export-led economic growth and create jobs, includes €15m of debt financing mobilized from other creditors and is aimed at the growth of Immer Ukrplastik, Ukraine's manufacturer of flexible packaging materials.
Immer Group president Irina Mirochnik said: “IFC’s financing comes at a crucial time. Ukraine’s economy is returning to growth and we are looking to capitalize on this, growing in different market segments, launching new, innovative products for the food processing and agribusiness sector, and diversifying our export markets.”
Immer intends to use the financing package to diversify its exports to the European Union.
IFC Ukraine, Belarus and Moldova regional head Jason Pellmar said: “This project is aligned with our strategy in the country, strengthening the competitiveness of local industry, supporting job creation, and boosting the growth of a competitive, export-oriented company.”
The financing is expected to help Immer contribute to boosting food security and creating new, highly-skilled and well-paid jobs.
It will also help the firm to improve sustainable agricultural practices by providing high quality food packaging materials and new products, including biodegradable mulch and silage films, IFC said.
Immer Group is engaged in manufacturing flexible packaging materials, films and labels. It provides full cycle of production of flexible packaging materials using wide range of technologies. Immer Ukrplastic currently employs around 1,400 people in Ukraine.