GPZKU named a solution to the problem with Chinese credit
The State Food and Grain Corporation of Ukraine does not have the funds to make the next repayment of the loan from the China National Machinery Industry Corporation and General Contracts (CCEC) in January 2022.
Vasily Kovalenko, the head of the State Food and Grain Corporation of Ukraine, spoke about this in an interview with Biznes.Censor.
He noted that the corporation pays $ 96 million twice a year. Now there are about $ 25 million in accounts.
“There was a meeting with the management of state banks, we are considering options for a possible loan from them to close the tranche in January. We are considering different options. Your own strength is not enough. Even selling the corporation will not solve the loan problem and the July 2022 repayment. And such payments are scheduled for another five years. This requires a global government approach. And we cannot solve this problem without the Chinese side, ”he said.
According to Kovalenko, the only chance to fulfill the obligations is to allow the State Food and Grain Corporation of Ukraine to have its own land bank, to be engaged in cultivation.
“This financial model was developed for us by the agency Baker Tilly, which we hired. The corporation "flows out" only with its own land bank. Example: Kernel or NIBULON corporations with a closed cycle from production to export. In this cycle, we only lack land and grain carriers, ”he added.
The company plans to start by cultivating 50 thousand hectares on lease. 5 thousand hectares in the Kherson region, which are now in the processing of the corporation, as well as in lease from shareholders, added the head of GPZKU.
Kovalenko also noted that officials are now working on options for resolving the situation with the Chinese loan.