BSTDB Helps Modernise Pulp and Paper Producer in Russia
«Solikamskbumprom» received a EUR 27 million loan
The Black Sea Trade and Development Bank (BSTDB) is providing a EUR 27 million loan to the Russian pulp and paper producer JSC «Solikamskbumprom», located in Perm Region of Russia.
The seven-year loan will support the company’s efficiency improvements, energy savings and expansion of the production capacity.
«We are pleased to assist Solikamskbumprom, a strong paper manufacturer in Russia, to improve its production quality and environmental footprint. Importantly, our financing will also help increase the company’s exports, including to BSTDB member-countries of Greece, Turkey, Bulgaria, Romania, Armenia, and Azerbaijan. Supporting manufacturers with a strong export capacity is one of our strategic priorities in Russia», said Dmitry Pankin, BSTDB President.
Victor Baranov, President of «Solikamskbumprom», commented: «The loan agreement with BSTDB enabled us to get access to the long-term funding we need to modernize and develop our company. Furthermore, the technical assistance provided for the environmental and social assessment in the framework of the agreement proved to be very helpful to improve further our ongoing environment protection arrangements».
The BSTDB loan includes technical assistance for improvements of the company’s environmental, labor, and health and safety performance, so as to comply with strict national and international requirements of the pulp and paper industry.
JSC «Solikamskbumprom» is a leading Russian pulp and paper industries using advanced production technology. The company started production of pulp and paper back in 1940, while newsprint production started in 1949. The company’s main product is high quality newsprint, which is used by major publishing houses in Russia. About 70% of the production is exported to a number of countries across the globe.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and «A2» by Moody’s.
Источник: BSTDB, Press Release