Minsk, Belarus, September 8, 2015—IFC,
a member of the World Bank Group, is providing a loan of up to 15 million
euros to the Alutech Group, the largest private manufacturer of aluminum
products in Belarus, to help strengthen and diversify its business and
boost the country’s private sector growth.
IFC’s long-term loan will help Alutech
roll over its short-term debt to strengthen its capital structure in a
volatile economic environment, continue its geographical diversification,
and increase exports.
“IFC has supported us through the years
and at various stages of development,” said Alexei Zhukov, General Director
of the Alutech Group. “The latest investment will help us continue with
our plans to diversify our sales, open new markets and provide more high
quality products to our consumers.”
Carsten Mueller, IFC Regional Industry
Head of Manufacturing, Agribusiness and Services in Europe, Middle East
and North Africa region, said: “Our investment in Alutech is part of our
strategy in Belarus to support private manufacturers, encourage private
sector development, and promote job creation. We hope our commitment to
the company will also encourage other investors to invest in the country.”
The project will contribute to strengthening
job security for Alutech’s 3,500 employees and will also indirectly support
employment along the supply chain, as small and medium enterprises are
key distributors of Alutech’s final products.
Alutech’s main markets are Belarus,
Russia, and Ukraine. Over the past few years, the company has boosted its
exports to European markets, with its share in Europe growing several folds
in the last four years. The company is committed to continuing with its
geographical diversification and has also launched sales to the Unites
States, Latin America and Australia.
Alutech has been an IFC client since
2010. Its aluminum products are widely used in industrial, residential
and commercial real estate development.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org.