IFC Supports Diversification of Kyrgyz Packaging Producer
In Bishkek:
Kymbat Ybyshova
Phone: (+996312) 626160
E-mail: KYbyshova@ifc.org
In Washington, D.C.:
Carmen Powell
Phone: +1 (202) 473-4982
E-mail: CPowell@ifc.org
In Belgrade:
Slobodan Brkic
Phone: +381 11 3023 750
E-mail: SBrkic@ifc.org
Bishkek, August 13, 2008—IFC, a
member of the World Bank Group, has announced an agreement to provide loan
financing to Altyn-Ajydar, the leading packaging producer in the Kyrgyz
Republic, to help the company diversify products, create new jobs, and
strengthen environmental, health, and safety management systems.
IFC’s $1.6 million loan will enable
Altyn-Ajydar to start producing building materials, particularly insulated
glass window units and aluminum panels. This will help improve the thermal
insulation of buildings and contribute to energy efficiency. The investment
will also help the company increase
exports of its packaging products to new markets, while capitalizing on
the long-term growth potential of the construction industry in Central
Asia.
IFC Executive Vice President and CEO
Lars Thunell, who is on an official trip to the Kyrgyz Republic, today
visited Altyn-Ajydar and discussed its operations and growth plans. The
company has 70 percent of the packaging market in the Kyrgyz Republic and
10 percent in Kazakhstan. The project will be located in the industrial
zone of Bishkek.
“In 1999 and 2005, IFC helped us upgrade
and expand our corrugated paper and packaging business. These investments
have speeded our modernization efforts significantly,” said Pavel Terekhov,
President of Altyn-Ajydar. “The new technologies have improved the quality
of our products, making them more competitive and familiar in international
markets. This has increased sales and profitability and enabled us to increase
employment.”
“IFC is pleased with Altyn Ajydar’s
progress over the last 10 years,” said Lars Thunell. “The company has
the opportunity to reach new markets after diversifying into building materials,
which will also benefit the growing construction industry in the Kyrgyz
Republic and across Central Asia. This investment underlines IFC’s continuing
commitment to companies that generate employment and foster economic growth
in frontier markets.”
About IFC
IFC, a member of the World Bank Group
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that poor people should
have the opportunity to escape poverty and improve their lives. In FY07,
IFC committed $8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69 developing
countries. IFC also provided advisory services in 97 countries. For more
information, visit www.ifc.org.
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