Financing the SiseCam group’s further expansion in the Russian glass beverage container sector via the construction of a greenfield plant near the town of Ufa in Central Russia in the Volga region.
Introducing greater competition and innovation
The project will introduce lightweight technology to central and eastern regions in Russia. Project is expected to be a catalyst for similar investment and innovation by other large glass producers in the Central and Eastern Russia area.
Contribution to market expansion
The project will enable the Company to provide the Russian market greater choice and better quality food and beverage packaging on a consistent and stable basis. The project will increase the access of brewers in Central and Eastern Russia to modern standards of packaging.
Ruscam-Ufa LLC, a greenfield company, majority-owned subsidiary of Anadolu Cam, the largest producer of food and beverage containers in Turkey and a member of the Turkish SiseCam group.
This is an expansion to the original project approved and signed on the 31 May 2005.
The original financing for an amount of USD 32.5 million (EURO 27.1 million) was singed and fully disbursed. This project is an extension to that financing for expansion of the investments in the plant. A new long term investment loan will be provided up to USD 10 million (EURO 8.3 million). A new working capital loan of up to USD 5.5 million (EURO 4.6 million) will also be provided by the Bank. The expansion financing totals USD 15.5 million and will be provided as combination of an ‘A’ loan for the Bank’s own account of USD 10.5million (EURO 8.8 million), including the working capital loan and ‘B’ loan portion of USD 5million (EURO 4.2 million) for the account of participant(s).
USD 85 million.
The project has been classified B/0, requiring an environmental analysis.
This analysis was conducted in the context of the initial Bank loan to the Company based on the assessment of impacts on the environment (OVOS) prepared in accordance with Russian law and on the Sponsor's answers to the Bank’s Environmental Questionnaire (see original PSD for Glass Packaging Plan of Ruscam-Ufa LLC).
The site of the facility is classified as industrial land and the location of the plant is not associated with significant environmental sensitivities. The Sponsor has designed the plant in compliance with Russian laws and regulations and taking into account EU environmental standards, including Best Available Technique (BAT) standards under EU Integrated Pollution Prevention and Control (IPPC) Directive. An Environmental Action Plan (EAP) has been developed to ensure that the plant will implement EU environmental BAT standards within a satisfactory timeframe.
The EAP addresses, among other things, air emission control and the overall management of environment, health and safety issues. In April 2006 staff from the Bank undertook a site visit to the facility to monitor construction progress and the implementation of the agreed EAP. The Company will provide the Bank with annual environmental reports on the implementation of the EAP and any other relevant EHS matters.
Aytac Mutluguller, Manager, International Finance & Investments
Turkiye Sise ve Cam Fabrikalari A.S.
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