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IFC Provides $20 Million Loan to KuAZ for Energy Efficiency, Cleaner Production


In Moscow:
Nezhdana Bukova
Phone: +7 (495) 411 3986
E-mail: nbukova@ifc.org

In Washington, D.C.:
Hannfried von Hindenburg
Phone:  (202) 458-5613
E-mail:  hvonhindenburg@ifc.org


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.”

About IFC
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.

About KuibyshevAzot
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.