IFC Invests $40 Million in Astarta to Build Ukraine’s First Soy Protein Plant

Ukraine, despite being a top producer of agricultural commodities, has long depended on exports of unprocessed raw materials such as soybeans.

In a landmark step toward strengthening Ukraine’s agricultural value chain and accelerating its post-war economic recovery, the International Finance Corporation (IFC) today announced a $40 million investment in Astarta, a leading Ukrainian vertically integrated agricultural holding. This funding supports the construction of Ukraine’s first soy protein concentrate plant, a pioneering facility poised to transform the country’s role in global food supply chains.

A Strategic Investment to Boost Economic Recovery

The financing is part of a larger package of up to $80 million approved by IFC’s Board of Directors on April 1, 2025. It includes a $27 million loan from IFC’s own account and a $13 million concessional loan provided by the government of the Netherlands. This investment is further supported by guarantees from the European Commission through its Ukraine Investment Framework, as well as by the Netherlands under the IFC’s Economic Resilience Action (ERA) Program for Ukraine.

The primary objective of this initiative is to stimulate Ukraine’s agriculture sector, one of the country’s most vital yet vulnerable industries. The soy protein concentrate plant will not only mark a shift from exporting raw soybeans to producing value-added goods but will also contribute significantly to employment, export revenue, and rural development.

A Commitment to Long-Term Sustainable Agribusiness

Viktor Ivanchyk, CEO and founder of Astarta, emphasized the strategic importance of the investment:

“This investment is a strong example of how strategic international partnerships can turn challenges into long-term opportunities for Ukraine. By launching the first domestic production of soy protein concentrate, we help integrate our country into global food value chains and contribute to economic recovery, industrial modernization, and job creation.”

The project is expected to create approximately 3,000 jobs across the economy, both directly and indirectly, while generating an estimated $680 million in foreign exchange earnings. It will also contribute $116.5 million annually to Ukraine’s economy.

Strengthening Ukraine’s Position in the Global Agricultural Market

Ukraine, despite being a top producer of agricultural commodities, has long depended on exports of unprocessed raw materials such as soybeans. This dependency makes the economy vulnerable to global price volatility. The Astarta project will enable the production of soy protein concentrate—an eco-friendly, high-protein feed alternative to fishmeal used in aquaculture, particularly in European markets.

By enhancing domestic processing capabilities, Ukraine will be able to climb the global agricultural value chain, capturing greater economic benefits from its exports. Alfonso García Mora, IFC Vice President for Europe, Latin America, and the Caribbean, highlighted the broader vision:

“This investment will help Ukraine produce more high-value agricultural goods and move up the value chain. By making the sector more competitive and better connected to European markets, we aim to support recovery, create jobs, and strengthen resilience.”

International Backing and Development Impact

The project has garnered enthusiastic support from international partners. Ambassador Katarina Mathernová of the European Union to Ukraine said:

“This project shows how we can help Ukraine’s economy grow even in challenging times. With support from the EU’s Ukraine Facility, we are proud to work with IFC to back investments that create jobs and strengthen local businesses.”

Ambassador Alle Dorhout of the Netherlands added:

“IFC’s investments in Ukraine are essential—especially during the war phase—to enable the critical recovery of the Ukrainian economy. International financial institutions, notably IFC as part of the World Bank Group, are crucial in this regard.”

The ERA Program, which anchors this investment, is IFC’s dedicated framework to support Ukraine’s private sector in the aftermath of Russia’s invasion. Since February 2022, IFC has mobilized $2.2 billion through the program, including $760 million in external mobilization, to ensure that Ukrainian businesses remain viable and that the government can continue essential services.

Beyond Capital: Advisory and Community Support

IFC is not just a financier but a development partner. In collaboration with the Czech government, IFC will assist Astarta in conducting a market and feasibility study for launching compound feed production. Furthermore, advisory services will support workforce development, especially targeting youth, older employees, and war veterans to help foster a more resilient and inclusive workforce.

The new soy plant will also integrate environmental sustainability measures, such as utilizing byproduct soybean molasses to generate biogas, supporting Astarta’s renewable energy goals.

Conclusion

The IFC-Astarta soy protein concentrate plant is more than a facility—it is a symbol of Ukraine’s industrial evolution and resilience. By nurturing domestic value addition, bolstering employment, and strengthening rural supply chains, the project sets a precedent for rebuilding economies through strategic global partnerships. As Ukraine continues its path toward recovery and integration into European markets, this project stands out as a model for combining investment, innovation, and impact.