Obolon, the Ukraine's largest independent brewery, has received a US$10m revolving loan from the European Bank for Reconstruction and Development to supply working capital, especially for the purchase of local barley for malt.

The financing involves an innovative deal on security, with Obolon's receipts for grain stored in its warehouses serving as collateral. The brewery will use the additional barley supply to brew local, rather than licensed, brands of beer.

Obolon and the EBRD have collaborated since 1997, when the bank lent Obolon US$40m to boost its beer-production capacity. The bank hoped the latest loan would "help develop and implement the warehouse receipts system in (the) Ukraine".