$32.5 million for Turkish glass bottling plant in central Russia

The European Bank for Reconstruction and Development is lending $32.5 million to a local subsidiary of Turkey’s Anadolu Cam group to build a bottling plant near the city of Ufa in central Russia.

The Bank is lender of record for the full amount but is taking $16.25 million on its own books and syndicating the remaining $16.25 million to a group of international banks under an EBRD A/B loan structure. ABN Amro Bank and CALYON will each take $8.125 million of the B loan.

The total cost of the Ufa project is $65 million and the borrower is Ruscam-Ufa LLC, a Russian subsidiary of Anadolu Cam, the largest producer of food and beverage containers in Turkey and a member of the leading Turkish industrial group Turkiye Sise ve Cam Fabrikalari A.S.

Hans Christian Jacobsen, Director of Agribusiness at the EBRD, said the project will help improve the quality of glass packaging offered to food and beverage producers in central and eastern Russia. Teoman Yenigun, Chairman of the Sisecam’s glass packaging group expressed his satisfaction with the EBRD for helping them expand in the Russian market

In 2004, the EBRD lent €18.9 million to another Russian subsidiary of the Anadolu Cam group to modernise a bottling plant bought in northwest Russia earlier that year. In the agribusiness sector alone, the EBRD has signed more than 220 projects worth €3.3 billion across the Bank’s 27 t countries of operation.

600450 $32.5 million for Turkish glass bottling plant in central Russia glassonweb.com
Date: 3 June 2005
Source: Harolddoan.com

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