Moscow, Russia, October 14, 2009—IFC,
a member of the World Bank Group, is providing ZAO Kulon-Yugros with €9.9
million in debt financing to build and operate the first international-quality
logistics warehouse and office facility in Russia’s Stavropol region that
will help create jobs.
The project addresses the undersupply
of quality logistics warehousing facilities in Mineralnye Vody in the Stavropol
region of Russia. Operating at high environmental and social standards,
the new logistics center will improve competitiveness and efficiency of
the manufacturers and distributors using the facility and generate new
employment opportunities. The project is being managed by the Espro Group.
“We are grateful for IFC for its long-term
financial support and valuable advice in environmental and social aspects
of warehousing business,” said Michail Zagoskin, General Director of ZAO
Kulon-Yugros. “The Stavropol region lacks high-quality warehouses
and logistics centers and we see great potential for our business in the
“Infrastructure development is one
of our key priorities in Russia,” said Snezana Stoiljkovic, IFC Director
for Central and Eastern Europe. “We are pleased to support this much-needed
warehousing project being implemented by Kulon-Yugros in Russia’s Stavropol
region, and look forward to continuing our fruitful cooperation as the
company expands further.”
The project is cofinanced by the Black
Sea Trade and Development Bank. This is the second IFC’s investment in
a project managed by the Espro Group.
Over the past 15 years, IFC’s investment
in Russia has totaled $4.5 billion, including $1.1 billion in syndicated
loans, in 190 projects across a variety of sectors. IFC’s committed investment
portfolio in Russia is around $2.24 billion, which makes it the third-largest
country exposure for IFC globally.
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.
About Espro Group
Espro Group has been operating in the
real estate market since 1996 focusing on the development, management and
maintenance of class “A” office and warehouse complexes.
The most well-known customer of Espro
Group is Kulon Company. Espro Group clients in management and technical
maintenance of the objects are such significant investors as Raven Russia,
Aton, the biggest Russian bank Sberbank and others. For further information,
please visit www.espro.ru.