LUXEMBOURG: December 06, 2016. The European Bank for Reconstruction and Development (EBRD) is providing a US$10 million loan to Ukraine express and postal service provider Meest Express.
The EBRD financing will be used to increase the company's market share in Ukraine and expand its current network of 400 pick-up and drop-off points in the next four years.
Up to US$1.8 million of the loan is provided under the EBRD's Green Logistics Programme to encourage the region's private sector to improve on its "highly inefficient" use of energy, according to the EBRD.
Meest plans to invest the new funds in expanding its network of automated collection and delivery points, the development of a specialised IT platform, and introduction of low carbon products at its domestic and international hubs.
EBRD director for Transport Sue Barrett commented: "Modern postal services like Meest Express allow Ukrainians to use extensively major international online stores like Amazon and eBay and stimulate healthy competition. Even more importantly, this project promotes low-carbon business practices, which are a novelty for the region."
Established in 1992, Meest is the largest national courier company in Ukraine with 610 offices throughout the country in addition to operations in Canada, China, Greece, Germany, Italy, Kazakhstan, Poland, Portugal, Spain, Ukraine and the U.S.
Since 1993 the EBRD has invested nearly €12 billion in the Ukraine.