Minsk, Belarus, August 9, 2012—IFC,
a member of the World Bank Group, has arranged a €45 million financing
package for the Alutech Group, the largest private manufacturer of aluminum
products in Belarus, to support the company’s growth and expansion of
IFC provided a €25 million loan from
its own account and mobilized another €20 million from Priorbank, a leading
commercial bank in Belarus and a member of RZB Group. This is IFC’s second
investment in Alutech.
“We are facing a growing regional market
and opportunities in Europe,” said Alexei Zhukov, general director of
the Alutech Group. “IFC’s financing will help us finance construction
of a new production plant, consolidate positions in Belarus, Russia, and
Ukraine, and expand into new markets.”
Alutech aluminum products are widely
used in industrial, residential and commercial real estate development.
IFC’s financing for Alutech, which has more than 3,000 workers,
will also indirectly support employment along the supply chain as small
and medium enterprises are key distributors of Alutech’s final products.
“Our strategy for Belarus focuses on
helping private sector players increase their competitiveness,” said Max
Yacoub, head of IFC’s office in Belarus. “Our new project with Alutech
will help it further modernize and enhance its transparency. We hope it
will also encourage other investments in technologically-advanced companies
Belarus joined IFC in 1992. IFC has
been actively involved in advisory services in the country since 1993,
and focuses its efforts on improving the country’s business environment
and investment climate. IFC has also invested nearly $340 million in several
projects in Belarus.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
For more information
about Allutech Group, please visit http://www.alutech-group.com/
For more information
about Priorbank, please visit http://www.priorbank.by