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IFC funds development of biogas technologies in Ukraine

04-01-2010 12:10 PM CET | Energy & Environment

Press release from: ZORG UKRAINE Ltd.

/ PR Agency: Stolnitsky Ideas
IFC plans to provide $150 mln. for development of biogas technologies in Ukraine. Yet, experts anticipate the forecoming difficulties in regards to proper usage of the funds.

According to "Interfax-Ukraine," International Financial Corporation (IFC) made a decision to invest $150 mln. in the program for development of higher level of energy-efficiency within agricultural and industrial sectors of Ukrainian economy. As Elena Voloshyna, the head of Ukrainian department of IFC stated, development of new technologies for production of biogas serves as the major focus of the program.

Nevertheless, Igor Aksyutov, CEO of Ukrainian engineering company "ZORG" has doubts about the future proper usage of the funds:

“The program itself and its goals are excellent, however very few companies will actually respond to the subsidized loan program. Once again, funds for development of biogas technologies won’t be used for the goals set by the program. Investors involved in the program are interested in working with trustworthy business partners, funding biogas project with budgets over $ 10 mln. Thus, the program targets a few large commercial agricultural holding companies in Ukraine, who already have an access to international financial market.

One way to make the program effective is to introduce guarantors for companies that are considered less trustworthy by IFC. Insurance companies or a governmental mortgage fund created for the occasion could function as guarantors in the following case.”

About ZORG:

ZORG executes full range of engineering services within biogas industry. The company designs and builds biogas plants under German state-of-art technology and know-how license.

ZORG works on a global scale: company’s projects have been successfully implemented in Kazakhstan, Ukraine, Latvia, and Turkey.

Adress: 172, Gorkogo str., Kiev, 03680, Ukraine
Tel/fax +38 (044) 5212951
Tel/fax +38 (044) 5212952
Tel/fax +38 (044) 5212953

Aleksandra Kharchyshyna
Stolnitsky Ideas
Phone: +38 066 28 56 941

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