The EBRD is lending $3 million to Saranist, an Armenian producer of glass bottles and jars, to help the company increase its production capacity and diversify its product range.
Founded in 1989 as a small-scale bottle plant, Saranist has since become one of the leading glass manufacturers in Armenia. It produces a variety of clear and coloured glass jars and bottles, which are sold both domestically and exported to Georgia.
The EBRD loan will support the company's strategy to further expand its production volumes in order to offer an alternative to more expensive imported glass products.
The proceeds of the EBRD loan will be used to build an energy efficient new furnace and glass production line, as well as to purchase raw materials required for the expanded production line. The project will enable Saranist to launch the production of new products, such as thick-bottomed jars.
â€œSupporting private businesses is one of the EBRD's key priorities in Armenia and we are pleased to help Saranist in its drive to expand production especially in these difficult market conditions, said Gilles Mettetal, EBRD Director for Agribusiness.
The EBRD is the largest single investor in Armenia. To date the EBRD has committed over €335 million across more than 70 projects in various sectors of the Armenian economy.