Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

10 Apr 2001



PSD disclosed:

29 Mar 2001

Project Description

Proposed additional financing to Moscow Efes ZAO for the expansion of its Moscow brewery and distribution centre originally financed by the EBRD and Rabobank in 1997.
The project aims to allow the company to respond to market demand by increasing capacity at a low investment cost. This would be achieved by:
  • eliminating bottlenecks in production (especially by investing in an additional bottling line);
  • investing in working capital to alleviate liquidity issues until full production under new capacity is achieved.

Transition Impact

The project would have a positive impact on the transition process in a number of ways.
  • Demonstration of the EBRD's willingness to support its successful clients in their expansion underlines the Bank’s commitment to clients.
  • The growth of the Russian brewery sector has attracted significant international attention and proves to international investors that a concerted effort to create quality local products can yield good results. The success in Moscow and St. Petersburg is now being pursued by key players across the country. The expected growth in the consumption of quality products will in turn translate into larger demand for good quality local bottles and malting barley in addition to distribution expertise.
  • Promotion of linkages with suppliers is demonstrated through the Bank’s evaluation of a number of packaging and maltery projects to satisfy the growing demands of the brewery sector and to replace expensive (due to transport costs) imports.
  • The sponsor has achieved a smooth transfer of technology, marketing, distribution, production and general management skills from other sponsor companies and has already been recognised as attaining industry best practice. The key area for the sponsor at present is establishment of its regional distribution network.
  • The profits generated from the relatively successful beer industry are increasingly starting to benefit related small and medium-sized enterprises (SMEs) in Russia’s regions. (For example, one distributor alone in Rostov employs 300 people.)

The Client

Moscow Efes Brewery ZAO is majority owned by Anadolu Efes, Turkey’s largest beverage producer. Moscow Efes ZAO operates a 1.5 million hl greenfield brewery on the outskirts of Moscow and manages the adjacent maltery. Anadolu Efes Group is a fast growing beverages group in both its domestic market as well as its international operations, such as Russia, Romania, Ukraine and Central Asian countries. Anadolu Efes is listed on the Turkish Stock Exchange.

EBRD Finance

Loan to Moscow Efes ZAO of up to US$ 17 million (€18.9 million) in two tranches of US$ 11 million (€12.2 million) and US$ 6 million (€6.7 million).

Project Cost

New investment including required working capital will be up to US$ 17 million.

Environmental Impact

The project was screened B/0, requiring an environmental analysis of potential environmental impacts associated with the expansion. The analysis confirmed that the expansion will take place within existing structures and will not require any new building. No significant additional environmental impacts are anticipated as a result of the expansion and it will comply with relevant national and European Union health, safety and environment standards. As part of the EBRD’s first operation with the company, Phase I and II environmental audits and an environmental assessment were undertaken. These confirmed that the project would comply with the required standards and an environmental action plan was agreed with the company to implement various environment, health and safety management systems. It is the company policy of the sponsor to implement environmental management systems to the ISO 14001 standard and this has been applied to the Moscow brewery.

Technical Cooperation


Company Contact


Business opportunities

For business opportunities or procurement, contact the client company.

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