IFC Investments in Estonia (selected)

Board Approval Date	Project	Project Cost*	IFC Financing*	Project Description
Nov-01	AS Eestii Raudtee (EVR)	227.0	50.0	Loan to EVR, the newly privatized freight railway company, to help upgrade and expand the country's railroad system and its operations. EVR is the first railway company privatized in Eastern and Central Europe.
Oct-00	Krenholm Group	41.7	16.2	Modernization of Krenholm's textile operations in Narva. The investment is expected to strengthen Krenholm’s competitiveness by shifting its product range toward higher value-added products, cut production costs, and optimize the use of machinery and infrastructure. The Krenholm Group, established in Narva in 1857, is a vertically integrated producer of cotton-based textiles, and Estonia’s largest industrial company and exporter.
Jun-99	Baltic Hotels	15.5	5.5	Expansion and development of a regional hotel group focusing on the historic cities in the Baltic region.
Jun-99 Sep-97	Horizon Pulp and Paper Phase II Phase I	28.2 20.1	9.2 6.0	Rehabilitation of the country’s largest paper producer through the introduction of new product lines and improvement in output quality. The project is also designed to bring the company into environmental compliance. Horizon is an independent, fully integrated pulp and paper mill located in Kehra. The mill produces and exports Kraft and sack Kraft paper.
Jun-99	Reval Hotel	30.7	10.0	Expansion and strategic development, including construction of a new budget hotel and privatization and consolidation of existing properties in Tallinn. The company is an experienced operator of four mid-market hotels in Tallinn.
Apr-99 Dec-93	Kunda Nordic Cement Phase II Phase I	28.9 60.0	5.9 10.0	Modernization, port development, and environmental clean up of a cement producer. Phase II is the second stage of the company’s privatization, which includes renovation of a cement mill, construction of a co-generation power plant, and expansion of Kunda port.
Mar-99 Feb-97 Nov-94	Estonian Industrial Leasing Ltd.	2.1 1.4 2.3	0.4 0.2 2.1	Establishment of the first joint-venture leasing company in Estonia, to write full pay-out leases for plant and machinery, office equipment, and transport vehicles.
Dec-98	Eesti Uhispank	19.3	19.3	Medium-term credit line for providing affordable residential mortgages to individual homebuyers.
Nov-96	Eesti Uhispank	6.6	6.6	Credit line for on-lending to private small and medium enterprises for equipment purchases, working capital financing, and other operational needs.
Oct-96 Jun-94	Rudus-OY	7.4 7.3	1.5 1.5	Establishment of a holding company that will invest in small and medium companies that produce ready-mix concrete and concrete materials in Estonia, Latvia, Lithuania, and the St. Petersburg area of Russia.
Jun-96	Toftan (Hebeda-Estonia)	12.0	2.0	Construction of a sawmill to produce kiln-dried sawn wood for exports.
Jun-96	Elcoteq Tallinn	40.6	7.7	Expansion of the production capacity and product range of IT and telecommunications equipment manufacturer.

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