The proposed project involves implementation of a new investment program targeted to increase efficiency and profitability of operations at the float glass plant owned by Interglass Ltd. and located in Tokmak, Kyrgyz Republic.
The investment program includes introduction of two new production lines – silver mirror glass and tempered glass lines, which will add value to the current flat glass production, the purchase of standby generators, energy efficiency investments and additional working capital to serve increasing production and sales.
a) The proposed project will increase competition in mirror glass and tempered glass sectors in CIS countries.
b) Enhance environmental standards and energy efficiency through development of Environmental Action Plan to achieve compliance with the EU standards, and an energy audit and review for implementation of energy saving investments.
c) Improve corporate governance through introduction of IFRS annual reporting and new cost and management control systems.
Interglass Limited Liability Company, registered in the Kyrgyz Republic, a 100% owned subsidiary of Steinert Industries GmbH & Co KG (Germany).
€ 5.5 million senior loan, with a 7-year tenor.
€ 13.7 million
The project was screened B/1 requiring an environmental analysis and audit. Environmental due diligence, including a site visit carried out by the Bank’s Environmental Specialist, confirmed that a range of environmental, health and safety (EHS) issues in particular, control of emissions of oxides of nitrogen (NOx) and sulphur (SOx) are associated with the operation. Stack emissions indicate relatively high levels of particulate matter and monitoring and control of stack emissions will be addressed in an environmental action plan (EAP) to be agreed with the Company. The Company however, has made significant progress in addressing the control of dust pollutants inside the facility. General housekeeping throughout, including the management of health and safety, is excellent. This project may provide significant opportunities for introduction of energy efficient/conservation measures and the Bank is working closely with the Sponsor to develop a range of energy saving initiatives.
The Company will benefit from an energy efficiency audit conducted under an existing framework contract with a Greek consulting firm Energo, The TC work will be financed by the Greek Government. The total value of the framework is € 200,000; expenditure for this assignment will be € 20,000 For consultant opportunities for projects financed by technical cooperation funds, visit procurement of consultants.
Mr. Vladimir Steinert
551, Frunze street, Bishkek, Kyrgyz Republic, 720001
Tel. + 996 312 902 649; +996 302 902 650
Fax. + 996 312 902 653
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