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EBRD FINANCES GLASS MANUFACTURER IN ARMENIA
The Financial
Sept 13 2011
Georgia
The FINANCIAL -- The EBRD is lending US$ 3.5 million to Saranist,
an Armenian producer of glass bottles and jars, to help the company
increase its production capacity.
The proceeds of the loan will fund the construction of a new furnace
and glass manufacturing line. This will allow the company to increase
production volumes, thereby helping to satisfy rising demand in the
Armenian and Georgian markets and offering an alternative to more
expensive imported glass products.
The newly combined energy efficient furnace will also improve the
quality of the merchandise while reducing production waste.
"Supporting private businesses is one of the EBRD's key priorities
in Armenia. It's the Bank's second cooperation with Saranist. We
are pleased to help the company in its drive to expand the range of
its high quality products by meeting the increased demand and largely
substituting the import markets for the region," said Gilles Mettetal,
EBRD Director for Agribusiness.
Founded in 1989, Saranist has since become one of the leading domestic
flint and coloured glass manufacturers in Armenia. It produces a
variety of clear and coloured glass jars and bottles which are both
sold domestically and exported to Georgia.
The EBRD is one of the largest investors in Armenia. Since the
beginning of its operations there in 1992, the EBRD has invested over
~@400 million in 100 projects in the country's financial, corporate,
energy and infrastructure sectors, with 92 per cent of projects being
investments in the development of the private sector.
The Financial
Sept 13 2011
Georgia
The FINANCIAL -- The EBRD is lending US$ 3.5 million to Saranist,
an Armenian producer of glass bottles and jars, to help the company
increase its production capacity.
The proceeds of the loan will fund the construction of a new furnace
and glass manufacturing line. This will allow the company to increase
production volumes, thereby helping to satisfy rising demand in the
Armenian and Georgian markets and offering an alternative to more
expensive imported glass products.
The newly combined energy efficient furnace will also improve the
quality of the merchandise while reducing production waste.
"Supporting private businesses is one of the EBRD's key priorities
in Armenia. It's the Bank's second cooperation with Saranist. We
are pleased to help the company in its drive to expand the range of
its high quality products by meeting the increased demand and largely
substituting the import markets for the region," said Gilles Mettetal,
EBRD Director for Agribusiness.
Founded in 1989, Saranist has since become one of the leading domestic
flint and coloured glass manufacturers in Armenia. It produces a
variety of clear and coloured glass jars and bottles which are both
sold domestically and exported to Georgia.
The EBRD is one of the largest investors in Armenia. Since the
beginning of its operations there in 1992, the EBRD has invested over
~@400 million in 100 projects in the country's financial, corporate,
energy and infrastructure sectors, with 92 per cent of projects being
investments in the development of the private sector.