MICROCAPITAL BRIEF: Canadian Department of Foreign Affairs, Trade, Development (DFATD) Commits $20m to Ukrainian Agriculture

The Canadian Department of Foreign Affairs, Trade and Development (DFATD) has announced the launch of a business development project in Ukraine with the aim of supporting the country’s agricultural sector. The project is projected to cost USD 19.6 million over its seven-year period, and it is intended to provide equipment, loans and educational programs to approximately 20,000 farmers in the areas of Ukraine that are deemed to be the “most significant horticulture product producing regions.” According to Ed Fast, the Canadian Minister of International Trade, “Canada is among the strongest international supporters of Ukraine’s efforts to restore stability and implement democratic and economic reform.”

Among the goals of the project are improving the relationship that small and medium-sized enterprises (SMEs) have with individual farmers; increasing economies of scale; and according to Mr Fast, “to create opportunities for small and medium-sized enterprises in key sectors such as agriculture, through improving business practices, increasing access to markets and financing, and creating jobs.” As part of the project, Israel’s Agency for International Development Cooperation, as well as unspecified agricultural colleges, advisory companies, lending organizations and farming cooperatives, will work towards creating a system of horticulture in the country.

As of March 2013, DFATD reported annual expenses of USD 305 million.

By Sarah Luo, Research Associate

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MicroCapital, November 9, 2013: European Fund for Southeast Europe (EFSE) Lends $10m to Megabank of Ukraine to Support Agricultural Lending

MicroCapital, February 11, 2013: European Bank for Reconstruction and Development, Raiffeisen Bank Aval, John Deere Partner to Provide Farming Equipment in the Ukraine

MicroCapital, April 8, 2011: European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) Promote Lending Against Crop Receipts in Russia, Ukraine

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