New $150 million fund investing in small businesses in Moldova and Ukraine
A joint venture between European and American finance organisations are set to inject a total of $150 million in funding to small and medium sized businesses in Ukraine and Moldova.
The fund, known as Emerging Europe Growth Fund |||, will be managed by Horizon Capital and comprises of Western NIS Enterprise, International Finance Corporation, The Overseas Private Investment Corporation and the European Bank for Reconstruction and Development.
The primary focus of the fund will be small to medium business that focus on exportation. It was noted that exports of Ukrainian products to Europe jumped nearly 25 percent in the first quarter of 2017 to $4 billion according to published data from Ukraine's Ministry of Trade and Development. Europe is the number one destination for Ukrainian made products.
CEO Jaroslawa Johnson of Western NIS Enterprise who are investing $30 million into the fund, stated that the primary targets for investment by the fund would be IT, light manufacturing, food and agriculture.
Ukraine's has long been regarded as having some of the most fertile farmland in Europe which still remains relatively undeveloped in comparison to its western counterparts.
Johnson stated that "the strategy is compelling from our perspective, seeking to capitalise on a surge in exports to the EU and other countries, investing in companies that derive a large part of their revenues in hard currency from foreign markets".
Fund managers Horizon Capital is well experienced in Ukraine and are already managing $700 million worth of investment.
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