KuybyshevAzot : IFC Supports Environmentally-Friendly Expansion and Modernization of Russian Chemical Industry Leader

IFC Supports Environmentally-Friendly Expansion and Modernization of Russian Chemical Industry Leader
18/03/2014 14:29:36

Moscow, Russia, March 18, 2014-IFC, a member of the World Bank Group, will provide KuibyshevAzot, a leader in Russia's chemical industry, with $150 million in debt financing to support its expansion and modernization in order to make the company more competitive and boost economic development in Russia's Samara region.
The financing package consists of a $75 million loan for IFC's own account and a $75 million loan syndicated from three commercial banks. IFC's mobilization will help KuibyshevAzot diversify its funding sources and improve foreign investors' confidence in Russian industries.
"IFC is our long-term partner with global industry expertise and local knowledge," said Victor I. Gerasimenko, CEO of KuibyshevAzot. "IFC not only supports us with much needed long-term financing, but also provides us with environmental and social technical expertise, helping us become more competitive and efficient."
Since 2003, IFC has worked with KuibyshevAzot to support growth, enhance corporate governance, improve environmental and social practices, and implement resource and energy efficiency improvements. IFC has been a KuibyshevAzot shareholder since 2008, and has provided the company with debt financing before.
"This investment is in line with IFC's strategic priorities in Russia," said Tomasz Telma, IFC Director for Europe and Central Asia. "It supports the expansion and modernization of production in an environmentally friendly way, introduces a key Russian company to new financial partners, and supports Russia's economic diversification by boosting production of higher value-added products."
Russia became a member and shareholder of IFC in 1993. Since then, IFC has invested more than $11 billion in 294 projects across a variety of sectors, including $3.3 billion in syndicated loans and other forms of mobilizations. IFC's investment portfolio in Russia stands at $2.2 billion.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world's most pressing development challenges.www.ifc.org.

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About KuibyshevAzot
KuibyshevAzot OJSC is one of the leaders of the chemical industry in Russia. Located in Togliatti, Samara region, KuibyshevAzot produces ammonia and nitrogen fertilizers, as well as caprolactam and its value added derivatives (e.g. synthetic fibers, engineering plastics, cord fabric). About 60 percent of the company's products are exported.www.kuazot.ru.

Contacts:

IFC
Nezhdana Bukova
Phone: [phone]
E-mail: [e-mail]

OJSC KuibyshevAzot
Larissa V. Smoleva
Head of  Financial & Economic Department
Tel. [phone]
Fax [phone]
e-mail: [e-mail]

Chief of information department
Kosova Elena
Tel. [phone], 56-11-47
Fax [phone]
e-mail: [e-mail]