AVELLUM Advises EBRD on Secured Loan to Major Ukrainian Wood Processing Company
AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”) in connection with a long term senior secured loan to Limited Liability Company “Zunami” (“Zunami”) in the total amount of up to EUR3 million.
The EBRD is contributing to sustainable forest management in Ukraine by supporting a major domestic wood processing company Zunami with the introduction of new waste management techniques aimed at reducing wood waste by 23 per cent or 3,000 tonnes per year.
This loan will be complemented by grant funding of up to EUR70,000 from the European Union under its EU4Business programme, and USD170,280 incentive grant, funded by the Global Environment Facility under FINTECC programme, designed to transfer technology in the area of climate change mitigation and adaptation.
The EBRD is the largest international financial investor in Ukraine. Since the start of its operations in the country in 1993, the EBRD has made a cumulative commitment of almost EUR13.3 billion across some 423 projects in Ukraine.
Zunami is a Ukraine’s leading producer of finished wooden floors and is engaged in a full cycle of wood processing.
The AVELLUM team was led by senior partner Glib Bondar with support from counsel Maria Tsabal and associates Oleg Krainskyi and Anna Kalabska.