Moscow, Russia, October 14, 2009
—IFC, a member of the World Bank Group, is providing ZAO Kulon-Yugros with €9.9 million in debt financing to build and operate the first international-quality logistics warehouse and office facility in Russia’s Stavropol region that will help create jobs.
The project addresses the undersupply of quality logistics warehousing facilities in Mineralnye Vody in the Stavropol region of Russia. Operating at high environmental and social standards, the new logistics center will improve competitiveness and efficiency of the manufacturers and distributors using the facility and generate new employment opportunities. The project is being managed by the Espro Group.
“We are grateful for IFC for its long-term financial support and valuable advice in environmental and social aspects of warehousing business,” said Michail Zagoskin, General Director of ZAO Kulon-Yugros. “The Stavropol region lacks high-quality warehouses and logistics centers and we see great potential for our business in the region.”
“Infrastructure development is one of our key priorities in Russia,” said Snezana Stoiljkovic, IFC Director for Central and Eastern Europe. “We are pleased to support this much-needed warehousing project being implemented by Kulon-Yugros in Russia’s Stavropol region, and look forward to continuing our fruitful cooperation as the company expands further.”
The project is cofinanced by the Black Sea Trade and Development Bank. This is the second IFC’s investment in a project managed by the Espro Group.
Over the past 15 years, IFC’s investment in Russia has totaled $4.5 billion, including $1.1 billion in syndicated loans, in 190 projects across a variety of sectors. IFC’s committed investment portfolio in Russia is around $2.24 billion, which makes it the third-largest country exposure for IFC globally.
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 Espro Group
Espro Group has been operating in the real estate market since 1996 focusing on the development, management and maintenance of class “A” office and warehouse complexes.
The most well-known customer of Espro Group is Kulon Company. Espro Group clients in management and technical maintenance of the objects are such significant investors as Raven Russia, Aton, the biggest Russian bank Sberbank and others. For further information, please visit
www.espro.ru
.
