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Follow-up loan of EUR11m for Turkish-owned bottling plant in Russia
€7 million of loan syndicated to ABN Amro
An €11 million loan from the European Bank for Reconstruction and Development
will help a Turkish-owned bottling plant in northwest Russia introduce
lightweight bottles on the Russian market at the same time as doubling its
annual production capacity.
Of this amount, €7 million has been syndicated to ABN Amro under an EBRD A/B
loan structure whereby the EBRD remains the lender of record for the full
amount.
The seven-year loan will enable OJSC “Pokrov Glass Plant,” a Russian
subsidiary of the Turkish company Anadolu Cam, build a second furnace. This is
part of a major plan to modernise the works which were bought last March. In
September, the EBRD lent €7.9 million to finance the first phase of the
restructuring plan.
Hans Christian Jacobsen, Director of the Agribusiness Team at the EBRD, said
the project will support Anadolu Cam’s strategy in the region and should
stimulate competition, acting as a catalyst for similar investment and
innovation by other glass manufacturers in northwest Russia.
Teoman Yenigun, Chairman of the Board of Directors of Anadolu Cam, said the
EBRD’s continued support is helping the company expand in the Russian market
and take full advantage of the rapidly growing demand for beer bottles in the
country.
Anadolu Cam, part of the leading Turkish industrial group Turkiye Sise ve Cam
Fabrikalari A.S, has three bottling plants in Turkey and has started to focus
on neighbouring countries that show a potential for rapid growth.
The EBRD is the largest single financial investor in Russia, with €5.5 billion
committed in 189 projects. Across its 27 countries of operations, the Bank has
invested €3.25 billion in 222 agribusiness projects.
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