Zagreb, Croatia, July 6, 2011—
IFC, a member of the World Bank Group, is providing a loan of €20 million to Croatia’s C.I.O.S. to increase recycling in the region, improve the situation of marginalized workers who collect scrap metal, and reduce C02 emissions, supporting efforts to address climate change.
C.I.O.S. is the leading company in Southeast Europe for the disposal and primary processing of industrial waste. Through this investment, IFC is also supporting C.I.O.S.’s parent company, Germany-based Scholz, one of the top three steel and scrap metal recycling companies in the world, and members of the C.I.O.S. Group in Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Montenegro, and Serbia.
“With IFC as a partner, we will continue to seek the highest standards in our operations in Croatia and the rest of the region,” said Petar Pripuz, President of the Management Board of C.I.O.S. “This loan also shows the confidence of one of the world's leading financial institutions in the recycling industry and in our business strategy.”
The C.I.O.S. Group employs more than 1,300 workers and processes around 700,000 tons of scrap metal annually, including approximately 300,000 tons in Croatia. By 2015 the company plans to process up to one million tons annually.
“Recycling is a priority for IFC in Croatia and Southeast Europe, where the recycling industry can foster further growth of the private sector while creating sustainable livelihoods for marginalized groups engaged in recycling,” said Snezana Stoiljkovic, IFC Director for Eastern Europe and Central Asia.
Guy Elena, IFC Director for Manufacturing, Agribusiness and Services in Europe, Middle East, and North Africa, said, “IFC’s partnership with C.I.O.S. demonstrates our commitment to the recycling sector and regional economic integration.”
To mitigate the negative impact of the economic slowdown and sustain the fragile recovery underway in Croatia, IFC supports established local and regional groups that have weathered the crisis yet require long-term financing in order to remain competitive.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
.
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