Kernel signs deal with FMO: this is the bank’s first investment in Ukraine since the start of the war

Agroholding Kernel has signed a cooperation agreement with FMO, an international bank for the development of entrepreneurship.

This cooperation is FMO’s fist investment in Ukraine since the start of the full-scale war, Kernel reported.

The bank conducted a thorough analysis of the company’s financial, environmental, social and corporate practices (ESG), which received high marks.

As noted by FMO Co-Director of Investments Huib-Jan de Ruyter, this project is a double first for FMO – it is the first direct investment in Ukraie after the full-scale war and the bank’s first project with the Kernel Group. In addition, FMO hopes that the project will become a model for future FMO initiatives in Ukraine and a long-term partnership with Kernel.

Thus, Kernel has included FMO in the oilseed syndicate, which already includes Dutch commercial banks ING Bank NV and Rabobank UA, as well as the international financial organization Black Sea Trade and Development Bank.

The company will use the received investments in the amount of $150 million to purchase sunflower, rapeseed and soybean seeds for processing and exporting vegetable oils and meals to the international market.

USM previously reported that Kernel invested more than $30 million in its own fleet.