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IFC Investments in Bulgaria (selected)


Year
Project
Project
Cost*
(million USD)
IFC
Financing*
(million USD)
Project
Description
2005Unionbank AD
6.5
6.2
Extension of funding base for provision of on-lending to small and medium enterprises.
2004Trakya Bulgaria
60.0
15.4
Construction and operation of a new float glass facility by Sisecam Group of Turkey.
2004Pasa Bulgaria
55.0
24.2
Construction and operation of a new glass tableware facility by Sisecam Group of Turkey.
2004Melrose Facility
75.0
10.0
Loan to fund its subsidiaries' oil and gas capital expenditure program and refinance debt at operations in Bulgaria.
2004Kaufland EOOD & CO
0
52.2
Company will open discount stores.
2004Drujba A.D.
55.0
24.3
Loan to refurbish and modernize the operations of Drujba glass manufacturer.
2003Stomana
92.0
21.2
Loan to support post-privatization restructuring of a steel minimill, Stomana Industry A.D.
2001/2003ProCredit Bank AD
11.4
2.3
Equity to establish a specialized microfinance institution headquartered in Sofia.
2002Galata
76.5
17.0
Loan for the development of the Galata gas field, a relatively small field 23 km offshore in the Black Sea off the eastern coast of Bulgaria.
2002Unionbank AD
8.0
5.0
Extension of a loan to Unionbank. This will be used as a source of medium-term funding for the development of small business finance activities by the bank.
1999/2002BAC Bank
15.0
10.0
Bulgarian American Credit Bank will on-lend long-term IFC funds to Bulgarian small and medium enterprises so they can expand and modernize.
2001Sofia Med
80.0
11.6
Halcor S.A. of Greece, one of the largest copper processors in Europe, has acquired the assets of bankrupt Bulgarian copper processor Sofia Med. Halcor is planning to revamp the facility and transform it into a modern and cost-efficient plant.
2001EPIQ Group
21.6
7.7
Loan to modernize and expand the electronic component manufacturing assembly and testing operations of the production facilities of EPIC-EA.
2001Bulbank
250.0
17.3
Loan to increase on-lending to underserved business and retail clients and introduce new products.
1999/2001Kronospan
74.2
19.7
Rehabilitation of an existing plant to increase the capacity and improve the quality of wood panel production.
2000Doverie
14.4
4.5
Establishment and operation of a retail business, comprising five stores in Bulgaria and Macedonia that will offer a wide variety of home improvement/repair products as well as specialized services.
1998Celhart
45.8
15.4
Rehabilitation and modernization of a pulp and paper mill in Stamboliyski.
1998Devnya Cement
244.1
30.0
Privatization, installation of a new line, and modernization of a cement plant in Devnya.
1997Sofia Hilton
46.7
13.0
Construction of a 256-room first-class hotel, offering a high standard of accommodation and service.
1997Interlease Inc.
17.5
3.8
Establishment of a joint venture equipment leasing company for export-oriented companies.
1994Euromerchant FND
25.0
5.0
A new venture capital fund making equity and quasi-equity investments in small and medium enterprises.

* Project cost and IFC financing refer to amounts approved by the IFC's Board.