Press release —
Norfund invests in Ukrainian biscuit manufacturer Yarych
Norfund is investing USD 10 million in the Ukrainian biscuit manufacturer Yarych to support the company’s continued growth.
The company employs around 500 people at its production facility in the Lviv region in western Ukraine, close to the EU border - an important advantage for maintaining exports.
“Yarych’s impressive development in recent years, despite the war, reflects the strength and commitment of its management, entrepreneur and owners. Supporting strong teams and helping solid companies grow further is a key part of Norfund’s investment approach,” says Anastasiia Andriievska, Project Manager for the investment at Norfund.
Yarych produces biscuits and crackers for both domestic and European retailers. Like the Marie and Petit Beurre biscuit, long-established global classics that are now produced in a large number of countries across the world. The company has increased its exports in recent years, mainly to Poland, which have become an important source of stability for the business.
“We are pleased to welcome Norfund as a partner at this important stage of Yarych’s development. This investment is a strong signal of confidence in Ukrainian business and in the resilience of our team. It will support further expansion into new product categories and continued growth in both Ukrainian and export markets,” says Tetyana Shermolovych, CEO of Yarych.
The investment will support modernisation and upgrades at the factory, including the introduction of a new pretzel production line, enabling the company to expand into new product segments.
“With this investment, we are not just supporting growth. We are supporting people whose livelihoods depend on this factory continuing to run, even amidst a full-scale war,” says Andriievska.
With more than 40 years of operations, the company has built a solid position in the Ukrainian market and as an exporter, where exports have been key to sustaining operations, supporting jobs and enabling continued growth.
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Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty.
Norfund’s committed portfolio amounts to USD 4.5 billion, with investments across Ukraine, Sub-Saharan Africa, South/Southeast Asia, and Latin America. Norfund manages the Ukraine Investment fund, supporting the country’s reconstruction and building a resilient economy. The Fund exists to channel capital into business and infrastructure projects that play a central role in Ukraine’s reconstruction and long-term growth, projects that would likely not receive financing under normal market conditions due to heightened risk. More information at https://www.norfund.no/ukraine...
Norfund also manages the Norwegian Climate Investment Fund, which focuses on avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production, and the Norwegian Ukraine Investment Fund.
For more details, please visit: www.norfund.no
