EBRD TO FINANCE SARANIST GLASS MANUFACTURER IN ARMENIA

ARKA
Dec 23, 2009

YEREVAN, December 23. / ARKA /. The European Bank for Reconstruction
and Development 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.

"The company was 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 press-service of the company reported on Wednesday.

The proceeds of the EBRD loan will be used to build an energy-efficient
new furnace and glass production line. In addition to this, raw
materials will be purchased to expand the manufacturing process.

The press-release also stated, that 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", Gilles
Mettetal, EBRD Director for Agribusiness said.

To date the EBRD has committed over ~@335 million across more than
70 projects in various sectors of the Armenian economy.