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US investors revive Ukrainian grain terminal in test of wartime financing

New owners plan to relaunch strategic asset as early as the summer after protracted battle involving alleged loan fraud

US investors are relaunching a key Ukrainian grain export terminal after wresting control from alleged looters, in a test of Kyiv’s ability to attract capital to rebuild its economy in its fourth year of war.

US-based funds Argentem Creek Partners and Innovatus Capital Partners have taken over the Olimpex terminal in the port of Odesa, after securing victory in a saga of alleged loan fraud that underlines the challenges of reviving international investment in wartime Ukraine.

Sustained Russian attacks on infrastructure and fading hopes for a ceasefire this year are threatening to add to a reconstruction bill that the World Bank has already estimated at more than $500bn, versus Ukraine’s current GDP of around $200bn.

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