Yerevan, Armenia, May 24, 2013—IFC,
a member of the World Bank Group, and Black Sea Trade and Development Bank
(BSTDB) will support a leading producer of fruit juice in Armenia, benefitting
the rural community by creating jobs, boosting agriculture, and increasing
IFC will provide a loan of $2.5 million
and BSTDB will provide €2.05 million to Euroterm, the makers of Noyan
fruit juice and canned foods. Euroterm’s planned production expansion
will increase the sales of farmers, especially those from the Armavir and
Kotayk regions, who supply fresh fruits and vegetables to the company.
This is IFC’s first investment in Armenia’s agribusiness sector.
“As a result of this partnership with
international financial institutions, we hope to continue modernizing our
production, expand our work force, and increase our revenue and exports.”
said Vahe Ghazaryan, General Manager, Noyan Company. “Long-term debt financing
and expert advice will help us achieve our goals.”
As well as investment, IFC is also providing
advisory services to Euroterm, helping to implement a food safety management
system based on international standards. Advice from the IFC Armenia Food
Safety Improvement Project is expected to increase the company’s competitiveness,
sales, and exports. The project is supported with funds from the Ministry
of Finance of Austria.
“The agricultural sector is the largest
employer in Armenia and has strong export potential. We are happy to support
a market leader like Noyan with its expansion plans, as this project will
also benefit the company’s suppliers, small farmers in rural areas,”
said Guy Ellena, IFC Director for Manufacturing, Agribusiness and Services
for Europe, the Middle East and North Africa.
Armenia became a member and a shareholder
of IFC in 1995. Since then, IFC has invested $244 million in 40 projects
across a range of sectors, including financial markets, manufacturing,
and mining. IFC advisory services provide advice on the financial sector,
sustainable energy, regulatory simplification, and food safety.
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 BSTDB,
For more information about Euroterm,
For more information about the Ministry
of Finance of Austria, please visit: http://english.bmf.gv.at