Ukrainian farmers signed this spring the first international crop receipts loan, reports the IFC Ukrainian Crop Receipt Project. Unable to mortgage land for credit, farmers can get cash in advance for receipts on future crops. In return for a forward contract, Everwelle, an Estonian grain trader, loaned Salix of Lviv the hryvnia equivalent of $45,000 at 12% per annum – half the domestic loan rate.
Ukrainian farmers signed this spring the first international crop receipts loan
