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EBRD and IFC to finance the restart of paper production at Stambolijski
International Finance Corporation (IFC) and the European Bank for Reconstruction and Development intend to make an investment in Paper Factory Stambolijski (PFS), a company which has successfully bid to purchase the paper and sack production assets of Celhart AD, a Bulgarian paper and sack maker.
PFS is a special-purpose company established to facilitate a quick restart of kraft paper production in Stambolijski.
IFC and the EBRD have approved the provision of support and funding to PFS to enable it to restart the mill operation, kraft paper and sack production as soon as possible. Safety inspection of the equipment and other preparation required prior to a test production are being carried out by an experienced industry operator who will assist PFS in the restarting phase.
Given the recent difficult history of the Celhart paper operation, this new support from the EBRD and the IFC represents a major step forward in the plans to restore the Stambolijski papermaking assets to their full potential.
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