Stavropol, Russia, December 25, 2009—IFC,
a member of the World Bank Group, has signed a $10 million loan agreement
with Stavropol-based Monocrystal, to help the Russian electronic materials
manufacturer strengthen its position in the growing light emitting diodes
(LED) market and expand its capacity to produce materials used in energy-efficient
IFC’s five-year loan will support Monocrystal’s
investment and modernization program. The company is Russia’s largest
exporter of synthetic sapphire products and photovoltaic metallization
pastes. The investment will help increase domestic and global supply of
advanced materials used in a wide variety of energy-efficient hi-tech applications,
including the production of LEDs, microchips for wireless communication,
and cells for solar power generation.
"IFC participation will help us enhance
our capabilities and competitiveness in the expanding global LED and solar
markets. IFC will also support our efforts in developing internal policy
and practices in environmental and social sustainability in compliance
with its performance standards,” said Vladimir Polyakov, President and
Founder of OAO Concern Energomera, Monocrystal’s parent company.
“Promoting hi-tech and energy efficiency
is one of our main priorities in Russia,” said Snezana Stoiljkovic, IFC
Director for Central and Eastern Europe. “Monocrystal is a very good example
of how a company can benefit from highly qualified local scientists and
develop modern hi-tech products in demand in local and global markets.
We believe it will be a very successful project from both financial and
developmental points of view.”
Monocrystal is part of a larger industrial
group, Energomera, Russia’s largest manufacturer of electric power meters
for household and industrial applications. Energomera’s agricultural business
is also one of the largest Russian producers of wheat.
IFC is the only international financial institution
focused exclusively on the private sector, the engine of sustainable development
in emerging markets. Along with IBRD, it is currently seeking a capital
increase to strengthen its ability to create opportunity for the poor in
developing countries—including by making loans to help companies modernize
and pursue energy efficient technologies.
IFC, a member of the World Bank Group, creates
opportunity for people to escape poverty and improve their lives. We foster
sustainable economic growth in developing countries by supporting private
sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
Monocrystal is a market leader in providing
sapphire products and metallization pastes to companies in semiconductor,
solar and other industries. The company’s product portfolio includes large
diameter sapphire crystals and substrates for LED and RFIC applications
and pastes for solar cell metallization. Monocrystal exports about 90 percent
of its production to clients in more than 20 countries. It is a part of
a larger industrial group in Russia, Energomera. For more information,