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$32.5 million for Turkish glass bottling plant in central Russia
The European Bank for Reconstruction and Development is lending $32.5 million
to a local subsidiary of Turkey’s Anadolu Cam group to build a bottling plant
near the city of Ufa in central Russia.
The Bank is lender of record for the full amount but is taking $16.25 million
on its own books and syndicating the remaining $16.25 million to a group of
international banks under an EBRD A/B loan structure. ABN Amro Bank and CALYON
will each take $8.125 million of the B loan.
The total cost of the Ufa project is $65 million and the borrower is
Ruscam-Ufa LLC, a Russian subsidiary of Anadolu Cam, the largest producer of
food and beverage containers in Turkey and a member of the leading Turkish
industrial group Turkiye Sise ve Cam Fabrikalari A.S.
Hans Christian Jacobsen, Director of Agribusiness at the EBRD, said the
project will help improve the quality of glass packaging offered to food and
beverage producers in central and eastern Russia. Teoman Yenigun, Chairman of
the Sisecam’s glass packaging group expressed his satisfaction with the EBRD
for helping them expand in the Russian market
In 2004, the EBRD lent €18.9 million to another Russian subsidiary of the
Anadolu Cam group to modernise a bottling plant bought in northwest Russia
earlier that year. In the agribusiness sector alone, the EBRD has signed more
than 220 projects worth €3.3 billion across the Bank’s 27 t countries of
operation.
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