A US$ 7.85 million loan to Elizovo Glass, a Belarussian-Canadian joint venture incorporated under the laws of the Republic of Belarus, and a US$ 1 million equity investment.
The primary objective of the project is to introduce a modern, efficient and environmentally sound glass container manufacturing facility in the Belarussian glass industry. Other objectives include: (i) transfer of modern technology and management know-how; (ii) import substitution; (iii) supply of quality glass containers to the food and drink industry in Belarus.
As the first EBRD-financed stand-alone private sector transaction in Belarus, the project will:
· provide strong support to a private company and will contribute to the development of market infrastructure in the country;
· have a strong demonstration effect, by setting out a model of successful business dealing in Belarus;
· increase the competition in the glass industry by setting new production, marketing and management standards;
· provide strong support to a private company and will contribute to the development of market infrastructure in the country.
Elizovo Glass was established in June 1997 by: Consumers Packaging, Inc. (CPI), a Canadian public corporation listed on the Toronto and Montreal Stock Exchanges; LADA/OMC Holding SA (LOMC), a Belarussian privately held limited liability company; and Oktyabr Glass, an existing glass container factory in the village of Elizovo in Belarus.
A US$ 7.85 million (ECU 7.5 million) loan and US$ 1 million (ECU 0.95 million) equity investment to part finance modernisation and expansion of the Oktyabr Glass Container Factory in Belarus.
US$ 22.53 million (ECU 21.5 million).
The project has been classified B/1, requiring an Environmental Analysis and Environmental Audit. All key environmental issues with emergency ranking have been reviewed and dealt with in the Environmental Action Plan (EAP). The sponsors made a commitment to implement the EAP. Necessary allocations for EAP implementation have been made in the investment plant.
Measures to prevent damage to the environment and human health will be incorporated into construction plans. Occupational exposure to dust and noise will be partly controlled by the type of machinery and protective equipment provided, and partly by management initiatives, such as medical surveillance and training.
The project is encouraging the use of glass packaging. This is the only packaging material which is 100 per cent recyclable. LOMC is now introducing a system of collection and recycling of bottles in major Belarussian cities which will have a beneficial environmental effect and will also increase the economic efficiency of the plant.
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