EBRD to finance Saranist glass manufacturer in Armenia

24.12.2009 12:14
EBRD to finance Saranist glass manufacturer in Armenia

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.  –0-

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