EBRD FINANCES GLASS MANUFACTURER IN ARMENIA

The Financial
Dec 23 2009
Georgia

The FINANCIAL — The EBRD is lending $3 million to Saranist, an
Armenian producer of glass bottles and jars, to help the company
increase its production capacity and diversify its product range.

Founded in 1989 as a small-scale bottle plant, Saranist has since
become one of the leading glass manufacturers in Armenia. It produces
a variety of clear and coloured glass jars and bottles, which are
sold both domestically and exported to Georgia.

"The EBRD loan will support the company’s strategy to further expand
its production volumes in order to offer an alternative to more
expensive imported glass products," EBRD informs.

The proceeds of the EBRD loan will be used to build an energy efficient
new furnace and glass production line, as well as to purchase raw
materials required for the expanded production line. The project
will enable Saranist to launch the production of new products, such
as thick-bottomed jars.

"Supporting private businesses is one of the EBRD’s key priorities in
Armenia and we are pleased to help Saranist in its drive to expand
production especially in these difficult market conditions", said
Gilles Mettetal, EBRD Director for Agribusiness.

The EBRD is the largest single investor in Armenia. To date the EBRD
has committed over â~B¬335 million across more than 70 projects in
various sectors of the Armenian economy.

From: Emil Lazarian | Ararat NewsPress