Allied countries and agricultural companies are donating or lending money to Ukrainian farmers, signaling a push to rebuild the country, reports The Wall Street Journal.
The farming industry was greatly impacted by Russia’s invasion, which destroyed equipment and land, and regulated export routes. This has led to low supplies of products like fertilizer, flour, and more that the country globally supplies. As a result, Western governments and companies have supplied aid.
The government and commercial assistance “will give a possibility for Ukraine to move in the correct direction,” said Mykola Solskyi, Ukraine’s minister of agrarian policy and food. He also indicated that, for the sector to recover, it needs a radical plan akin to the Marshall Plan, the program that helped rebuild Europe after World War II.
Large-scale seed companies like Bayer AG and Corteva plan to invest in the country over the next decade. Cargill, Inc, a Minnesota-based grain company, in addition to other grain merchants, also said they will keep shipping crops from the country.
“Our focus is, let’s make sure that the world gets fed and that these products get to where they’re needed and that the Ukrainian farmers are able to get cash for their products,” said Cargill’s chairman, Dave MacLennan. “We’re going to continue to do business in the Ukraine as long as we can.”
Agriculture executives expect Ukraine’s harvest this year to be down 30 percent from a typical year. Full Story (Subscription Required)
Related: Russia Extends Ukraine Grain Deal; USDA Addresses Colorado River Basin Drought