Moscow, Russia, July 10, 2009—IFC,
a member of the World Bank Group, has agreed to provide KuibyshevAzot ,
one of Russia’s leading chemicals manufacturers, with a $20 million loan
to help it finance new energy efficiency and cleaner production projects.
The investment is expected to boost the regional economy by creating jobs
and business opportunities for enterprises.
IFC’s investment, complemented by advisory
services, will support KuAZ’s 2009-2010 energy efficiency and clean production
projects and result in significant annual energy savings and an estimated
reduction of greenhouse gas emissions equal to the annual emissions of
more than 23,000 cars.
“IFC is an important partner in helping
us strengthen our competitiveness by reducing energy consumption and minimizing
our environmental footprint,” said Mr. Ogarkov, Chief engineer of KuibyshevAzot.
“With IFC support we will also be able to expand into higher-margin
products, while lowering our costs by modernizing our production facilities.”
The investment supports a company operating
outside Russia’s economic hubs, in the Samara region 860 kilometers southeast
of Moscow on the Volga River.
“This investment reaffirms our long-term
relationship with KuAZ, which dates back to 2003,” said Snezana Stoiljkovic,
IFC Director for Europe and Central Asia. “We are very pleased to
continue our cooperation in the energy efficiency and cleaner production
areas, which are key priorities for Russia and for the global community.”
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
$16.2 billion in fiscal 2008, a 34 percent increase over the previous year.
For more information, visit www.ifc.org.
Located in Togliatti, Samara region,
KuAz is the leading Russian manufacturer of caprolactam (the raw material
for synthetic fibers, engineering plastics, automotive and other downstream
products) and one of the top five Russian producers of nitrogenous fertilizers.
For more information, visit www.kuazot.ru.