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8 Sep 2015

IFC to lend €15m to Belarusian Alutech

MINSK, 8 September (BelTA) – IFC to lend €15m to Belarusian Alutech(IFC, part of the World Bank group) will lend €15 million to the group of companies Alutech, the largest privately owned manufacturer of aluminum sections in Belarus, IFC representatives told BelTA.

The IFC said that the money will be granted to help bolster and diversify the Belarusian company Alutech and stimulate the growth of the private sector.

The IFC’s long-term loan will substitute the company’s short-term financial debt. It will allow Alutech to reinforce the structure of the capital and help continue increasing export and diversifying it geographically.

Carsten Mueller, the IFC’s director for investments in production sector, services, and agribusiness in Europe, the Middle East and North Africa, noted that investments in Alutech represent part of the IFC’s wider strategy for Belarus. The strategy is designed to support private manufacturers, encourage the development of the private sector, and help create jobs. “We hope that our support for the company will also encourage other investors to invest in Belarus,” he said.

Alutech employs over 3,500 people. Alutech’s aluminum products are used to build homes, enterprises, and commercial real estate. Belarus, Russia, and Ukraine are the main target markets. The company intends to continue geographically diversifying its export. In particular, Alutech products are now available in the USA, Latin America, and Australia. In the last four years Alutech sales in Europe increased by several times.

The International Finance Corporation is a major global development institution, which efforts are focused on developing the private sector on developing markets. In 2015 the IFC’s long-term funding in developing countries rose to nearly $18 billion.

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