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Rusal Corporate Loan

Armenia | Materials

Identification Code:: OP/05/0469
Total Operation Cost:: — USD
Maturity:: 92 months
Operation Status:: BSTDB Approved Amount – Approval Date

23.000.000 USD – 30 Jul 2005
: BSTDB Signed Amount – Signed Date

23.000.000 USD – 18 Apr 2006
: Status:
Completed
Description and Purpose of the Operation:: A corporate loan to CJSC "RusAl Armenal" to finance the modernization of aluminium foil producing plant in Yerevan,Armenia.
Countries of Operation:: Armenia (100,00%)
Financial Product:: Loans
Sector:: Materials
Domain:: Private
Borrower/Client:: CJSC "Rusal Armenal" is a subsidiary of RUSAL Group, the world largest producer of aluminum. The company's principal activity is the production and distribution of aluminium cold-rolled strip, plain foil, finished foil and foil-based combined materials.
Co-Financers/Participants:: Bayerische Landesbank (Germany)
Guarantors/Sponsors:: —
Developmental and Regional Cooperation Impact:: The operation will support the transfer of advanced technology and know- how to the manufacturing sector of Armenia. The modernization programme will create new jobs and additional export earnings and tax revenues in Armenia. Increased commercial activities of Armenal are expected to generate a positive impact on the development of the transportation sector in the relevant area of the Black Sea Region.
Environmental Classification and Impact:: Screened as B0. Environmental Assessment showed that the Borrower is adequately dealing with EH&S issues within the enterprise. Its EMS is certified according to ISO 14001, and an appropriate Environmental Policy was developed and is in effect. As part of the certification exercise, all the EH&S aspects of the production were identified, and relevant mitigation measures designed and put in place. The Borrower is required to remain compliant at all times with applicable EH&S legal requirements; follow and implement conditions stated in the State Environmental Review (SER) resolution; and submit to the Bank annual EH&S performance reports.
Operation Leader:: General Industries, Transport, Tourism 1
E-mail:: gitt1@bstdb.org