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Minsk, Belarus, August 9, 2012
—IFC, a member of the World Bank Group, has arranged a €45 million financing package for the Alutech Group, the largest private manufacturer of aluminum products in Belarus, to support the company’s growth and expansion of exports.
IFC provided a €25 million loan from its own account and mobilized another €20 million from Priorbank, a leading commercial bank in Belarus and a member of RZB Group. This is IFC’s second investment in Alutech.
“We are facing a growing regional market and opportunities in Europe,” said Alexei Zhukov, general director of the Alutech Group. “IFC’s financing will help us finance construction of a new production plant, consolidate positions in Belarus, Russia, and Ukraine, and expand into new markets.”
Alutech aluminum products are widely used in industrial, residential and commercial real estate development. IFC’s financing for Alutech, which has more than 3,000 workers, will also indirectly support employment along the supply chain as small and medium enterprises are key distributors of Alutech’s final products.
“Our strategy for Belarus focuses on helping private sector players increase their competitiveness,” said Max Yacoub, head of IFC’s office in Belarus. “Our new project with Alutech will help it further modernize and enhance its transparency. We hope it will also encourage other investments in technologically-advanced companies in Belarus.”
Belarus joined IFC in 1992. IFC has been actively involved in advisory services in the country since 1993, and focuses its efforts on improving the country’s business environment and investment climate. IFC has also invested nearly $340 million in several projects in Belarus.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
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