Stavropol, Russia, December 25, 2009
—IFC, a member of the World Bank Group, has signed a $10 million loan agreement with Stavropol-based Monocrystal, to help the Russian electronic materials manufacturer strengthen its position in the growing light emitting diodes (LED) market and expand its capacity to produce materials used in energy-efficient technologies.
IFC’s five-year loan will support Monocrystal’s investment and modernization program. The company is Russia’s largest exporter of synthetic sapphire products and photovoltaic metallization pastes. The investment will help increase domestic and global supply of advanced materials used in a wide variety of energy-efficient hi-tech applications, including the production of LEDs, microchips for wireless communication, and cells for solar power generation.
"IFC participation will help us enhance our capabilities and competitiveness in the expanding global LED and solar markets. IFC will also support our efforts in developing internal policy and practices in environmental and social sustainability in compliance with its performance standards,” said Vladimir Polyakov, President and Founder of OAO Concern Energomera, Monocrystal’s parent company.
“Promoting hi-tech and energy efficiency is one of our main priorities in Russia,” said Snezana Stoiljkovic, IFC Director for Central and Eastern Europe. “Monocrystal is a very good example of how a company can benefit from highly qualified local scientists and develop modern hi-tech products in demand in local and global markets. We believe it will be a very successful project from both financial and developmental points of view.”
Monocrystal is part of a larger industrial group, Energomera, Russia’s largest manufacturer of electric power meters for household and industrial applications. Energomera’s agricultural business is also one of the largest Russian producers of wheat.
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by making loans to help companies modernize and pursue energy efficient technologies.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
About Monocrystal
Monocrystal is a market leader in providing sapphire products and metallization pastes to companies in semiconductor, solar and other industries. The company’s product portfolio includes large diameter sapphire crystals and substrates for LED and RFIC applications and pastes for solar cell metallization. Monocrystal exports about 90 percent of its production to clients in more than 20 countries. It is a part of a larger industrial group in Russia, Energomera. For more information, visit
www.monocrystal.com
.
