XM-DAC-903-SII-34665
International Finance Corporation
Bulmarket LPG
The company - Bulmarket DM is headquartered in Ruse, a city located next to the Danube river in Bulgaria. In addition to its operations in Ruse, it owns LPG terminals in Byala, Plovdiv, Sofia and Kyustendil in Bulgaria as well as Galati and Giurgiu in Romania. The proposed project will finance (i) the Companys core LPG business line through the development and expansion of three terminals in Ruse, Sofia and Plovdiv; (ii) the development of a new LNG business both for wholesale trade and business to business distribution; and (iii) the refinancing of short term debt.
Cleaner fuels: The IFC financing will help Bulmarket to become the first importer and distributor of liquefied natural gas (LNG) in Bulgaria. The Company will supply off-grid, industrial end-users with a cheaper, "cleaner" burning alternative to diesel or compressed natural gas (CNG). This Project will develop the LNG infrastructure in Bulgaria, which encourages greater use of the fuel, has a positive environmental impact, and supports the Bulgarian industrial base with more competitive energy costs. In addition, the enhancement of the company''s distribution capacity for liquefied petroleum gas (LPG), a "cleaner" burning fuel primarily used in vehicles as a substitute for gasoline or diesel will also encourage greater use of the fuel resulting in a positive environmental impact. Diversification of gas supply: The project supports the gas supply diversification as the Bulgarian state-owned company, Bulgargaz EAD, supplies 84% of Bulgaria''s natural gas from Russia''s Gazprom JSC. Improvements in energy infrastructure: The project will contribute to the development of Bulgaria''s infrastructure according to modern and safe standards. Employment: The project will result in both direct and indirect job creation as well as preservation of existing jobs in the Company as well as in third party service and product suppliers.
BULMARKET DM OOD
Mr. Dimitar Baev Bulmarket DM Ltd 100 Tutrakan Blvd. PO Box 405 Ruse 7000, Bulgaria Tel. 359 82 817 400 Fax. 359 82 844 862
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Municipality Ruse6 Svoboda Square7000 RuseBulgaria
Bulgaria
The proposed project will finance the development and expansion of three terminals in Ruse, Sofia and Plovdiv for LPG as well as the development of new LNG business in the same locations. The Bulmarket headquarters are located in Ruse, Bulgaria.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
G-HA - All Other Chemical Product
Total: $16.44 million
16440000.00
16440000.00
BULMARKET DM OOD
Summary of Investment Information
Summary of Investment Information - Anticipated Impact Measurement & Monitoring (AIMM) Assessment and Main Environmental & Social Risks and Impacts of the Project
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SII/34665/bulmarket-lpg
XM-DAC-903-SII-36671
International Finance Corporation
Schwarz IV Project
Kaufland, a chain of hypermarkets with primary focus on food retail, is continuing its expansion plan in Bulgaria which includes opening new Kaufland stores across large and small cities of the country (the Project). The Schwarz Group, owner of Kaufland and one of the leading European food retailers, has requested IFC to provide a long-term loan to its Bulgarian subsidiary to partially finance the Project.
- Affordable goods: Modern retail distribution introduces efficiencies which enables low pricing at high quality standards. In Bulgaria, the share of modern retail in food is about half that of developed countries. With expected expansion in the second tier and smaller cities, the Project will promote access to affordable and high quality food products for lower income households. - Food safety: Modern retail formats contribute to food safety by improving supply chain efficiencies and reducing food wastage. Local procurements will encourage local producers to apply best practices in their production and operations, thus ensuring quality and safety. - Employment generation: The Project is expected to generate significant direct employment in the new stores, indirect employment in the supply chain as well as temporary employment during construction. - Green buildings: All new stores are expected to have energy efficiency features and showcase green building best practices, which will potentially have a demonstrational effect on local building standards.
KAUFLAND BULGARIA EOOD
Schwarz Dienstleistung KG Sekretariat Finanzen Stiftsbergstraße 1 74172 Neckarsulm Phone: +49 (0) 7132 30-797901 Fax: +49 (0) 7132 30-799001
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Kaufland Bulgaria EOOD & Co. KD, Address: 1A Skopie str., Sofia, Bulgaria
Bulgaria
Investments under the Project can be made in small and large cities throughout Bulgaria
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
Q-BA - Retail (Including Supermarkets, Grocery Stores, etc.)
Total: $89.72 million
89720000.00
89720000.00
KAUFLAND BULGARIA EOOD
Summary of Investment Information
Summary of Investment Information - Anticipated Impact Measurement & Monitoring (AIMM) Assessment and Main Environmental & Social Risks and Impacts of the Project
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SII/36671/schwarz-iv-project
XM-DAC-903-SII-38066
International Finance Corporation
AHG Bulgaria
Acibadem Healthcare Group (AHG or Acibadem or the Sponsor ) invited IFC to invest in Acibadem City Clinic B.V., a Special Purpose Vehicle (SPV or AHGB or the Company) established by AHG, its subsidiary Acibadem Sistina (Sistina) and several existing shareholders of City Clinic to acquire Tokuda Hospital in Sofia and to consolidate it with City Clinics operations in Sofia, Varna and Burgas creating the largest private hospital and clinic network in Bulgaria (the Project).
The Project is expected to have the following development impacts:
(i) South-south investment by Acibadem, a leading private healthcare network in Turkey will bring in operational knowhow and capital to the private healthcare sector in Bulgaria;
(ii) Consolidation of private healthcare providers in Bulgaria with strong management is expected to unlock synergies and economies of scale bringing down costs and increasing of access to healthcare due to higher efficiency;
(iii) The Project is expected to increase access to specialized services (oncology and cardiology) funded by the social health insurance but at a limited supply from public sector providers;
(iv) Demonstration effect of creating the largest integrated private health network in Bulgaria will facilitate private sector investment in private healthcare providers in the country and in the region.
ACIBADEM CITY CLINIC B.V.
Mr. Ilian Grigorov, CEO and Member of the Board mailto: Ilian Grigorov (mailto:ilian.grigorov@cityhospitals.bg)
Telephone: ++359 895 584 846
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
1, Samara str.
Sofia 1715, Bulgaria Telephone: +359 895 584 846
Bulgaria
Tokuda operates a 560-bed hospital, a diagnostic clinic, a pharmacy and a hospice in Sofia. City Clinic operates an 84-bed cardio hospital, a 80-bed oncology hospital and a diagnostic center in Sofia, a 31-bed cardio hospital in Burgas, and a 10-bed multi-specialty clinic in Varna.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
S-AB - Medical and Diagnostic Services
Total: $16.13 million
16130000.00
16130000.00
ACIBADEM CITY CLINIC B.V.
Summary of Investment Information
Summary of Investment Information - Anticipated Impact Measurement & Monitoring (AIMM) Assessment and Main Environmental & Social Risks and Impacts of the Project
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SII/38066/ahg-bulgaria
XM-DAC-903-SII-25713
International Finance Corporation
Sofia Airport Cn
The proposed investment involves providing financing to support the privatization of the concession of Sofia International Airport located in Sofia, Bulgaria (the Project). Sofia Airport is the main international and the largest airport of Bulgaria with 7.1 million passengers in 2019. The Project involves imminent modernization investments and the building of a new terminal before the 10th concession year. Total investments over the 35-year concession period amount to EUR 608 million. The financing will be utilized to fund the upfront payment to the Government of Bulgaria (the GoB) due under the concession agreement and support the concessionaires initial capital expenditures to modernize and upgrade the strategic airport infrastructure in the country.
The main project level impact is expected to include the improved access and quality of civil aviation services in Bulgaria. The Project contributes to the expansion of Sofia Airport's passenger and cargo handling capacity as well as ground service offerings which is expected to improve operational efficiency and the quality of services. Additionally, the Project is expected to increase the GDP, employment and government revenues through its economic linkages with the production and service sectors, and the payment of concession fees and taxes. IFC is supporting the first competitively tendered large-scale PPP project following the adoption of Bulgaria's Law on Concessions in 2018, which demonstration effects for potential additional public private partnership projects within Bulgaria and the region. The Project is also expected to help to improve the financial resilience of a strategic asset in the aviation sector in Bulgaria, in the context of an unprecedented shock caused by the COVID crisis.
SOF Connect AD
SOF Connect AD Guyve SARDARI Board Member +33 1 53 34 96 96 g.sardari@meridiam.com Infinity Tower, 14th floor, 69 Bulgaria Blvd, 1404 Sofia, Bulgaria https://www.meridiam.com/en/
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
0 0 0 0 0 0 0 0 0.0000 Company SOF Connect AD Point of Contact Guyve SARDARI Title Board Member Telephone Number +33 1 53 34 96 96 Email g.sardari@meridiam.com Mailing Address Infinity Tower, 14th floor, 69 Bulgaria Blvd, 1404 Sofia, Bulgaria Website https://www.meridiam.com/en/
Bulgaria
The Project site is located 10 km east of the center of the capital, Sofia. The concession site covers a total area of over 5 million sq.m., encompassing among others two terminals and one runway.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
E-BD - Other Support Activities for Transportation (Grain Terminals, Cargo Terminals, Airport Operations)
Total: $36.83 million
36830000.00
36830000.00
SOF Connect AD
Summary of Investment Information
Summary of Investment Information - Anticipated Impact Measurement & Monitoring (AIMM) Assessment and Main Environmental & Social Risks and Impacts of the Project
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SII/25713/sofia-airport-cn
XM-DAC-903-SII-46009
International Finance Corporation
Project Dolphin
IFC is considering an equity investment for the acquisition of up to 10% of ordinary shares of PAC Doverie A.D. (Doverie or the Company), the largest pension management company in Bulgaria. The investment will be in the form of a purchase of secondary shares from ATBIH GMBH, a 100% owned subsidiary of the Sponsor, VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG or the Sponsor).
The most significant expected project-level outcome is increased access to pension savings via an increase in the number of participants in the Companys Voluntary Pension Fund (VPF) and an increase in VPF member contributions, brough about by the introduction of new digital marketing channels. Beyond the project-level outcomes, IFC anticipates that the Project will increase the competitiveness of the pension market by driving innovation and replication by pension companies in Bulgaria using digital channels to increase their memberships and active VPF member contributions.
PAC DOVERIE AD
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe Nina Higatzberger-Schwarz Head of Investor Relations +43 (0) 50 390 - 21920 nina.higatzberger@vig.com Schottenring 301010 ViennaAustria www.vig.com
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The Company is located in Sofia, Bulgaria.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
other
Total: $22.79 million
22790000.00
22790000.00
PAC DOVERIE AD
Summary of Investment Information
Summary of Investment Information - Anticipated Impact Measurement & Monitoring (AIMM) Assessment and Main Environmental & Social Risks and Impacts of the Project
See Environmental and Social Management System (ESMS) summary tab.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SII/46009/project-dolphin
XM-DAC-903-SPI-8642
International Finance Corporation
Devnya Cement
Summary Of Project Information (SPI) Project Name Bulgaria - Devnya Cement Region Europe Sector Project No008642 Projected Board DateMay 16, 1998 Company NameDevnya Cement Technical Partner and/or Major Shareholders The project sponsor is Iniciativas Estrategicas, S.L (IE). IE is a Spanish corporation that is involved in the development and promotion of investments, particularly those related to the cement sector. IE is 50% owned by Corporacion Gestamp, a Spanish industrial group controlled by the Riberas Family, which also holds a majority stake in the Spanish Gonvarri Group. The Gonvarri Group is a prominent industrial group in Spain, with a turnover in 1996 of US$ 1.2 billion and interests in the automotive components, steel, and cement sectors. Project Cost Including Proposed IFC Investment The estimated project cost is US$ 242 million. The proposed IFC investment consists of an A Loan of up to US$ 30 million for IFCs own account, a B Loan of up to US$ 50 million for the account of Participants, a C Loan for IFCs own account, and an equity investment of up to US$ 5 million. The investment is structured to consist of two phases. Location of Project and Description of Site The project is located in Devnya Cements current plant site near the port of Varna-West on the Black Sea coast. The limestone quarry is 15 km from the factory site, and the limestone is transported to the plant by a conveyor belt 11 km in length. Description of Company and Purpose of Project Cement is a key requirement for developing Bulgarias infrastructure. The proposed investment would be IFCs first investment in the cement sector in Bulgaria. The Project involves the renovation and expansion of Devnya´s operating existing capacity of about 1.0 million tpa cement plant. The Project includes: i) the privatization/acquisition of a majority stake in the Company from the government; ii) upgrading and expansion of existing equipment of the plant; and iii) the installation of a 1.0 million tpa dry process cement line. The Project will allow an inefficient and environmentally unsound plant to be modernized and upgraded. The project is an export-oriented project and, as such, will increase the foreign exchange earnings of Bulgaria and will serve as a positive example for the Governments privatization campaign. Moreover, the project will assist in the modernization of a post-privatized company. The local staff of the Company will receive first hand training and direct experience in the management and operations of an international-standard cement plant. Technology transfer will also occur in the construction of the project itself, where advanced project management techniques will be used, and local suppliers will be held to international standards. Finally, the Project has an important environmental component which would enable the Company to comply with the World Bank guidelines upon project completion. IFC was instrumental to the structuring of the transaction, and provided advice on key market and technical issues. IFC has significant experience in the cement sector in Europe and the Middle East, having financed cement projects throughout the region. Drawing from this experience, IFC has provided substantial advice to the Project on technical and operational matters, which resulted in modifications and improvements to the Project. IFCs engineer also provided the Company with constructive feedback and guidance regarding the additional cement line that the Company is installing. The Company is unable to obtain long-term project financing from private sources without the presence of a multilateral institution such as IFC. As such, IFCs involvement would provide a catalytic effect for private investment in Bulgaria. Environmental Category and Issues This is a category B project according to IFCs environmental review procedures. Environmental, occupational health and safety issues associated with this project include: air emissions, treatment of process and domestic wastewater, solid waste disposal, fire prevention and protection, and workplace health and safety. The Company has agreed to meet all applicable World Bank environmental and health and safety guidelines. Air emissions from the process will be controlled by the installation of dust collectors. Process water is recirculated therefore, there are no liquid effluent discharges to the environment. The sponsor will implement occupational health and safety measures and will provide the relevant environmental information needed to assess and ensure that the ports will be built according to World Bank guidelines and policies. The is from the InfoShop Date SPI sent to InfoShop April 16, 1998 This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations Board of Directors. It is provided for the purpose of enhancing the transparency of IFCs activities and should not be construed as presuming the outcome of IFC Board consideration. For Additional Information contact: Corporate Relations Unit - telephone: (202) 473-7711 facsimile: (202) 974-4384 L:\SPI\SP008642.DOC Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Devnya Cement A.D.
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AA - Cement
Total: $45.00 million
45000000.00
45000000.00
Devnya Cement A.D.
Summary of Project Information
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/8642/devnya-cement
XM-DAC-903-SPI-8969
International Finance Corporation
Celhart Pulp and Paper Mill
Summary Of Project Information (SPI) Project Name Bulgaria-Celhart Pulp and Paper Region Europe Sector Project No008969 Projected Board DateJuly 20, 1998 Company NameCelhart Pulp and Paper Technical Partner and/or Major Shareholders The major shareholder is Isiklar Holding, a Turkish industrial group involved in sack paper processing and marketing. Project Cost Including proposed IFC investment Total project cost is estimated at US$42 million. IFC''s proposed investment includes: (i) a senior loan of up to US$15 million, and (ii) an equity investment of up to US$1.5 million. Location of project and Description of site The project will be located in a rural region near the town of Stamboliyski, 100 km southeast of Sofia. The mill produces semi-chemical and unbleached kraft pulp, which are further processed into fluting (corrugating medium) and into sack paper on two paper machines, and paper sacks on a sack converting line. The annual design capacities of the Celhart mill are 45,000 tons of pulp, 55,000 tons of paper and up to 120 million sacks, depending on type. The Companys core business is sack kraft paper, which is mainly sold in the Bulgarian market. The present paper production is around 40,000 tons per year. Description of Company and Purpose of Project Through the proposed investment, IFC will assist in the completion of an important privatization and in the modernization of a post-privatized company. The Project encompasses a significant modernization of existing assets which would result in assisting an existing company to be viable and internationally competitive in the long run. The Project is export-oriented and, as such, will increase the foreign exchange earnings of Bulgaria. In addition, the Project will upgrade the Companys environmental practices to meet the World Bank environmental guidelines. Finally, since the Company is the largest source of employment in the town of Stamboliyski, the Project will allow the Company to continue to employ a large portion of the towns population. The proposed IFC investment is crucial for the projects viability. The Company is unable to obtain long-term project financing from private sources without the investment from a multilateral institution such as IFC. Environmental Category and Issues This is a category B project according to IFC''s environmental review procedure. Potential environmental, occupational health and safety issues which were examined during the environmental review of this project include: air, water and solid waste emissions and management; water and land contamination from prior activities; forest management and harvesting practices and sustainability of forests and forest communities; handling of hazardous materials; fire protection and emergency response; and general worker health and safety. Air emissions from this facility do not pose a major problem, and the sponsor will ensure that World Bank Group guidelines are met through the upgrading to be carried out under this project. In particular, the recovery boiler will be modified to ensure that sulphur emissions meet World Bank Group guidelines. Waste water is comprehensively treated to meet World Bank Group guidelines. The project will include a variety of measures to improve environmental conditions and conserve energy and water. Improvement of health and safety measures and fire protection throughout the plant will be carried out. Wood supply is from forests which are managed for sustainable yield and protection and enhancement of biodiversity. The sponsor has prepared an environmental action plan for implementation over the period of the project, to ensure compliance with World Bank Group policies and guidelines. The is available from the Infoshop Date SPI sent to Infoshop June 19, 1998 This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations Board of Directors. It is provided for the purpose of enhancing the transparency of IFCs activities and should not be construed as presuming the outcome of IFC Board consideration. For Additional Information contact: Corporate Relations Unit - telephone: (202) 473-7711 facsimile: (202) 974-4384 Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Celhart Stambolijski A.D.
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AF - Other Paper (Including Multiple Types)
Total: $15.40 million
13900000.00
1500000.00
13900000.00
Celhart Stambolijski A.D.
1500000.00
Celhart Stambolijski A.D.
Summary of Project Information
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/8969/celhart-pulp-and-paper-mill
XM-DAC-903-SPI-9359
International Finance Corporation
Bulgarian American Credit Bank
Summary Of Project Information (SPI) Project Name Bulgarian American Credit Banc (BACB) Region Europe Sector Project No009359 Projected Board DateDecember 28, 1998 Company NameBulgaria American Credit Banc Technical Partner and/or Major Shareholders BACB is wholly owned by Bulgarian American Enterprise Fund (BAEF). BAEF is a not-for-profit Delaware Corporation, established in 1993 by the U.S. Government. Its mission is to assist in the development of small and medium private enterprises in Bulgaria. BAEF belongs to the group of Enterprise Funds targeting Eastern Europe which were formed in accordance with the principles of the U.S. Support for East European Democracy Act of 1989 (SEED Act). BAEF is capitalized by a US$50 million grant from the US Treasury. Project Cost Including proposed IFC investment US$5 million Location of project and Description of site Sofia, Bulgaria Description of Company and Purpose of Project In 1996, Bulgarian American Credit Bank (BACB) was created out of the loan operations of Bulgarian American Enterprise Fund (BAEF), a US$50 million US Treasury-sponsored fund that supports the development of small and medium sized enterprises (SMEs) in Bulgaria. After initial difficulties, BAEF has established a decent track record of lending to this target sector. Now, BAEF would like to help BACB "graduate" into a free-standing, commercially viable financial institution and has asked for IFC''s help in attracting a strategic investor and in providing term financing for on-lending to SMSE''s. IFC is considering a US$5 million loan of up to 5 years, for on-lending to SMEs. This loan would be convertible into equity, at IFC''s option, when a strategic partner is found.Through this project, IFC would strengthen BACB, ensure that a quality player operates in the Bulgarian banking system, and support the SME sector. Environmental Category and Issues This is a Financial Intermediary (FI) Tier 2 project according to IFC''s environmental review procedure. BACBank will be required to undertake an environmental review of each subproject to ensure compliance with host country requirements, IFC environmental and social safeguard policies, and , if applicable, World Bank Group environmental, health and safety guidelines. IFC will assess BACBanks capability to carry out environmental reviews. BACBank must obtain IFC clearance prior to making any investment with IFC funds in any Category A project. Date SPI sent to InfoShop November 25, 1998 This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations Board of Directors. It is provided for the purpose of enhancing the transparency of IFCs activities and should not be construed as presuming the outcome of IFC Board consideration. For Additional Information contact: Corporate Relations Unit - telephone: (202) 473-7711 facsimile: (202) 974-4384
BULGARIAN AMERICAN CREDIT BANK AD
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AA - Commercial Banking - General
Total: $4.86 million
4860000.00
0.00
4860000.00
BULGARIAN AMERICAN CREDIT BANK AD
0.00
BULGARIAN AMERICAN CREDIT BANK AD
Summary of Project Information
See Environmental and Social Management System (ESMS) summary tab.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/9359/bulgarian-american-credit-bank
XM-DAC-903-SPI-9726
International Finance Corporation
Kronospan Bulgaria EOOD
Summary Of Project Information (SPI) Project Name Bulgaria - Kronospan Bulgaria RegionCentral and Southern Europe SectorManufacturing Project No009726 Projected Board DateOctober 4, 1999 Company NameKronospan Bulgaria EOOD Technical Partner and/or Major Shareholders Kronospan Bulgaria EOOD, established in 1996, is a limited liability company incorporated in Bulgaria. The company is 100%-owned by Kronospan Holding Limited (Cyprus), the parent company of the Kronospan Group in Eastern Europe. The Kronospan Group, a European leader in wood panel board manufacturing, is the sponsor of the project. Project Cost Including Proposed IFC Investment The project cost is estimated at DM101 million. IFC''s proposed investment consists of an A loan of DM24 million and a syndicated B loan of DM18 million. Location of project and Description of site The particleboard mill is situated on the outskirts of the city of Bourgas in eastern Bulgaria on the Black Sea coast. The location provides the mill with convenient sea and land transport connections to the Middle East, North Africa, Turkey and Greece. The mill is situated on 26 hectares, of which only a portion is used for production purposes, therefore providing possibilities for further expansions. Description of Company and Purpose of Project The project will consist of upgrading existing equipment, principally the preparation areas, and the commissioning of a second particleboard line which will be constructed using a mixture of refurbished, relocated and new equipment. The capacity of the new line will be 100,000 m3/year, and it will be located in an existing building. The project will double current particleboard production capacity, and substantially increase melamine-facing capacity. The added new capacity will achieve economies of scale, which are critical for the industry. The project is expected to boost margins, enhance the company''s competitive position in Southeastern Europe and provide strategic diversification. In addition, the project will contribute to the modernization of the Bulgarian wood panel industry, which is currently characterized by inefficient, low-quality operations and will have a potentially strong impact on the development of the furniture industry in the country. IFCs role in the proposed project is three-fold: (i) increase confidence in and support for the governments privatization efforts; (ii) act as a catalyst for foreign investment and private sector participation in Bulgaria; and (iii) help the sponsors gain access to long-term financing. Environmental Category and Issues This is a category B project according to IFC''s environmental review procedure. Environmental, occupational health and safety issues which were examined during the review of this project include: site selection and current and previous site land use; air emissions; wastewater treatment; solid waste handling and management; wood supply and sustainability of forests; fire protection and emergency response; and general worker health and safety. The IFC Technical and Environment Department staff have reviewed the project site and conclude that this project will be implemented and managed in accordance with World Bank Group environmental, health and safety policies and guidelines and host country requirements. IFC will monitor project performance during the lifetime of the project. The Environmental Review Summary is available from the InfoShop. Host country location of environmental documents Public Relations Office Kronospan Bulgaria Severozapadna Promishlena Zona Bourgas 8000 Bulgaria Date SPI sent to InfoShop September 3, 1999 This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations Board of Directors. It is provided for the purpose of enhancing the transparency of IFCs activities and should not be construed as presuming the outcome of IFC Board consideration. For Additional Information contact: Corporate Relations Unit - telephone: (202) 473-7711 facsimile: (202) 974-4384 Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
KRONOSPAN BULGARIA EOOD
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
FC - Wood Panels and Engineered Wood Products
Total: $13.60 million
13600000.00
13600000.00
KRONOSPAN BULGARIA EOOD
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/9726/kronospan-bulgaria-eood
XM-DAC-903-SPI-9995
International Finance Corporation
Florina Bulgaria S.A.
The project sponsor is Florina-A. Honeos, which owns 93% of the shares of Florina Bulgaria S.A. Florina-A. Honeos S.A. is a medium sized family owned Greek company with over 40 years of experience in the fruit and soft drinks industry. - Project Cost Including proposed IFC investment Total project cost is estimated at $12.9 million. The IFC loan of $3.6 million will finance 28% of the investment. Location of project and Description of site The facility is located on a 37,000 m² site located in a light industrial neighborhood on the outskirts of Sofia. - Description of Company and Purpose of Project The project will support the establishment of an integrated fruit juice and carbonated drinks company in Bulgaria. Established originally in 1993 as an importer of high quality juices from its Greek partner Florina-A. Honeos, Florina Bulgaria S.A. (Florina) is today Bulgaria''s third fruit juice producer by size and the local market leader for premium quality juices with its existing strong brand name and extensive distribution network. In order to take advantage of a steadily growing fruit drink market, Florina Bulgaria S.A. started the project by acquiring a redundant bread factory in 1998, through privatization, and converting it into a juice packing plant equipped with a Tetra Pak juice filling line operational as of mid-1999. In a second phase, Florina Bulgaria S.A. will integrate peach and apricot purees production using local fresh fruit, and create a soft drink production line in order to achieve economies of scale and optimize assets utilization. The project will also involve an orchard development program with expected support from IFC/Greek Trust Funds, and financing of additional delivery vans and working capital needs. Given that Bulgaria remains a difficult environment for foreign direct investment, IFCs participation in the project provides comfort to the sponsor in its first major plant investment outside of Greece. In addition, IFC will provide Florina Bulgaria S.A. with long-term funding that otherwise would not be available at reasonable terms, and is helping the company mobilize funding to complete the financial plan. IFC has also been instrumental in reviewing with the sponsors the risks and issues in particular related to local raw material supply. As part of the project, IFC will assist Florina Bulgaria S.A. in structuring a technical assistance program for orchard development, in particular, peach and apricot production, to deter the gradually decreasing orchards production in Bulgaria following ten years of agricultural neglect. The project is expected to have strong developmental impact on the Bulgarian agricultural sector and economy. It will help create and maintain about 135 direct and indirect jobs. In addition, it will contribute to the rejuvenation of the fruit sector in Bulgaria by creating a consistent level of demand for local fruits, and encouraging, through an orchard development program, private small farmers to further develop and expand their orchards after many years of neglect. It also promotes the production of value added products capitalizing on Bulgaria''s traditionally strong fruit production sector, and supports local entrepreneurship as well as technology transfer by importing the latest fruit processing and packaging equipment and training Bulgarian nationals to international standards in quality control, operational, and marketing skills. - Environmental Category and Issues This is a category B project according to IFC''s environmental and social review procedure and the following potential issues were considered during appraisal: potential contamination of the site from past uses, pesticide residues, labor practices, sustainability of water supply, liquid effluent treatment and solid waste disposal, air emissions, use of CFCs in refrigeration systems, fire prevention and emergency response, and general workplace health and safety. The project is located in an industrial area and prior use of the site was for a bakery. Detailed site and plant investigation has confirmed that there is no risk of prior contamination and the development of the site complies with local and national planning controls and requirements. The sponsor has established operational procedures that monitor the use of pesticides and the company will develop contracts that specify details of pesticide use and management. Water supply for the plant is sustainable and abstraction from the company''s on site well will not affect others. The treatment and disposal of waste effluents, solid waste, chemicals and other hazardous materials conforms with WBG requirements. The site has a health unit and on site medical facilities and staff. Additionally, the company is developing an Emergency Response Plan and a fire safety and evacuation plan has been introduced as per Bulgarian legal requirements. Based on its review of available information regarding potential environmental impacts and proposed mitigation measures, IFC concludes that Florina Bulgaria''s proposed project is designed to meet World Bank Group''s environmental, health, and safety policies and guidelines as well as host country requirements. - The is from the InfoShop. Host country location of environmental documents At the Company''s factory in Sofia: 20 Mann Drinov Str., 1504 Sofia, Bulgaria. Date SPI sent to InfoShop April 19, 2000 This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations Board of Directors. It is provided for the purpose of enhancing the transparency of IFCs activities and should not be construed as presuming the outcome of IFC Board consideration. For Additional Information contact: Corporate Relations Unit - Telephone: (202) 473-7711 Fax: (202) 974-4384 Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Florina Bulgaria S.A.
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
BA - Soft Drink
Total: $3.60 million
3600000.00
3600000.00
Florina Bulgaria S.A.
Summary of Project Information
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/9995/florina-bulgaria-s-a
XM-DAC-903-SPI-10150
International Finance Corporation
Doverie Brico
The project involves the establishment and operation of a DM 29.3 million retail business, comprising five stores in Bulgaria and Macedonia. The project company, Doverie Brico, has bought a franchise from a French operator, Mr. Bricolage. The retail business will carry the name of the franchisor and will offer a wide variety of home improvement/repair products, as well as specialized services. The project will be implemented in three stages over a three-year period. The first store will be opened in Sofia in September, 2000. The second and third store will be opened in two other Bulgarian cities in April 2001, and the fourth and fifth stores (either two in Bulgaria, or one in Bulgaria and one in Macedonia) will be operational in April 2002. All the stores will have a standard outlook and internal design, an integral part of the Mr. Bricolage franchise. IFC''s role in the proposed project could be valuable on several grounds: (i) In view of the perceived macro-economic and political risks to investing in Bulgaria and Macedonia, particularly for greenfield projects, IFCs presence in this transaction will help increase investors confidence in the business environment of the region, and in the governments'' privatization efforts. IFCs participation in the project, and the partnership with Mr. Bricolage, a leader in the French home improvement products market, will provide a significant demonstration effect in support of foreign investment in the region; (ii) IFC''s proposed investment will supply a source of long-term funds on reasonable terms otherwise not available to the company; (iii) IFC will play an important role in determining the project scope, structuring the financial plan, evaluating the environmental issues, thus reducing the project''s risk profile. The project will have a significant developmental impact, as follows: (i) Providing consumers with a wide range of good quality home improvement products, presented in an attractive environment, and at affordable price . The collective strength of a franchise system provides opportunities for purchasing and marketing economies. (ii) Technology & know-how transfer: The company in co-operation with the franchisor, will bring in proven integrated distribution system expertise, especially with its fully automated inventory control system, safety standards, advanced marketing and sales techniques and quality control systems. (iii) Upgrading business practices: The project will have a catalytic effect in developing and improving the quality of local suppliers and producers. Since eventually more than half of the product range is expected to be sourced locally, the company will have to work closely with local suppliers and producers to improve their quality in order to meet the quality standards of the franchise. (iv) Promoting SME and private sector development: The project would have a positive effect on the development of the home repair/improvement and construction services industry, which was underdeveloped during the years of state planning. This industry has emerged in the last decade and comprises mostly of SMEs. The project would facilitate market entry and improve service quality through standardization, larger selection of products, and reliable supply. (v) Demonstration effect: The project would provide a significant demonstration effect, as its success would encourage other companies pursuing investment opportunities in Bulgaria and Macedonia, as the countries'' perceived risk begins to diminish (vi) Increased employment: The project will create new employment, both directly and indirectly. It will provide direct employment to about 200 employees, mostly women, with a significant multiple of that number expected to be added in the supply stream and in ancillary activities. In addition, temporary employment will be provided to local labor during the construction phase of the project. (vii) Improved skills base: Integrated part of the turn-key package provided by the franchisor, is a comprehensive training program, for the stores'' personnel including training in Mr. Bricolage stores in France.
DOVERIE - BRICO AD
Andrei Evtimov Executive Director Doverie United Holding AD 82 Dondukov Blvd Sofia, Bulgaria Telephone (359-2)-984-5611 Facsimile (359-2)-984-5663
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The first store will be located in Sofia, Bulgaria''s capital. The project site occupies about 15.134 m2 area alongside Tzarigradsko Shosse, the main arterial road from the Sofia city center towards the Sofia Airport. The site is unoccupied and is close to residential areas and bus stops.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
BA - Retail (Including Supermarkets, Grocery Stores, etc.)
Total: $4.80 million
4800000.00
4800000.00
DOVERIE - BRICO AD
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/10150/doverie-brico
XM-DAC-903-SPI-10377
International Finance Corporation
Bulbank AD Project
Bulbank was founded in 1964 and for over 25 years acted as the country''s foreign trade bank. Following the economic transition of 1991, Bulbank was transformed into a full-service commercial bank and is now Bulgaria''s largest commercial bank, with total assets of USD 1.2 billion equivalent at June 30, 2000. Bulbank has a nation-wide distribution network, strong name recognition, and client relationships with prominent Bulgarian enterprises, and increasingly, medium-sized private enterprises. As such Bulbank has a strong platform for expansion of lending and the introduction of other products. Bulbank is a high-profile bank in the Bulgarian economy. Its successful and transparent privatization was key to both the public''s comfort in the privatization process, and the impact of this important institution on the local economy. With the leadership of UCI; its partnership with Allianz, one of the world''s largest insurers; and the support of IFC, Bulbank will seek to increase its lending to Bulgaria''s underserved business and retail sectors and to introduce new products, thus broadening and deepening the financial markets. Further, given Bulbank''s importance to the Bulgarian financial sector and economy, UCI and the Government value IFC''s role as a bridge between the private and public sectors.
UNICREDIT BULBANK AD
Suzannah H. Carr, Investment Officer, IFC, scarr@ifc.org
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
Bulbank is based is Sofia, Bulgaria and has a nation-wide branch network and business focus.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AA - Commercial Banking - General
Total: $17.95 million
17950000.00
17950000.00
UNICREDIT BULBANK AD
Summary of Project Information
See Environmental and Social Management System (ESMS) summary tab.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/10377/bulbank-ad-project
XM-DAC-903-SPI-10423
International Finance Corporation
EPIQ/ELEX CEM
The proposed project is to modernize and expand the current electronic components manufacturing, assembly, and testing operations of the production facilities of EPIQ-EA and XPEQT, (together "the company"). The project consists of: (i) significantly increasing the production capacity, and adding new technologies, for printed circuit board (PCB) assembly, complex electronic sub assemblies, and testing; (ii) introducing double color and wider application plastic injection moulding; (iii) enhancing the capacity and technical capability of the tooling sho p ("the project"). The existing operations in Bulgaria are only the initial phase of a much larger project, and do not realize the full potential of the facilities in Bulgaria to meet the current market demand growth. The company would benefit significantly from the investment, which would significantly broaden the technical scope and product range of the facilities and enable it to further strengthen the Group (includes the ponsors, and their affiliated companies) position in the global contract electronic manufacturing (CEM) market. EPIQ-EA is limited liability company, founded in 1997, registered in Botevgrad, Bulgaria with a share capital of 1,950,000 BGN, and wholly owned by EPIQ-NV, a public limited company registered in Tessenderlo, Belgium. Its production facility has 3,500 square meters production floor for module assembly and 1000 square meters for assembly, including clean room class 10000, and employs over 500 people. EPIQ EA is QS9000 (1999), VALEO 1000 (1998) and ISO 9002 (1998) certified. XPEQT (formerly Sigma Delta - Bulgaria) is a limited liability company registered in September 2000 in Sofia, Bulgaria with an authorized share capital of 1,410,500 BGN. It is wholly owned by Sigma Delta Holding N.V. XPEQT specializes in manufacturing of test equipment, and in integrated circuit design and tool making. IFCs role in the proposed project is three-fold: (i) increase confidence in and support for the Governments privatization efforts; (ii) act as a catalyst for foreign investment and private sector participation in Bulgaria; and (iii) help the Sponsors gain access to long-term financing. By supporting a well managed Bulgarian production facility such as EPIQ EA, IFC would help encourage and enhance local production of high-tech devices in the electronic/semiconductor appliances manufacturing sector. The project is expected to generate significant number of new jobs along with having a spillover effect. Furthermore, it is envisaged that the appropriate terms and structuring of this investment would help encourage other lenders and investors to consider such other projects in Bulgaria. Another benefit of the proposed project to Bulgaria would be in the form of net foreign exchange earnings as the project is export oriented.
INTEGRATED MICRO-ELECTRONICS BULGARIA EOOD
Mr. Nikolay Berov, Managing Director, EPIQ Electronic Assembly, Industrial Zone Microelectronika, 2140 Botevgrad, Bulgaria phone: +359 48 969 544; fax 359 723 2436; e-mail: nbe@sd-bul.bg
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The manufacturing facilities are located in Sofia and in Industrialna zona Microelectronica Botevgrad - 2140, Bulgaria , some 50 km to the north of Sofia. The expansion project foresees construction of two new buildings - one on the existing industrial site in Botevgrad and another one in the city of Sofia. The locations provides the companies convenient air and land transport connections to Europe.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
BB - Computer & Electronic Products(Computers & Peripherals, Communications Equip., Elec. Watches & Similar Elec. Products. Integrated Circuits & the application of Miniturization Technologies characterize this sector.)
Total: $7.98 million
7980000.00
7980000.00
INTEGRATED MICRO-ELECTRONICS BULGARIA EOOD
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/10423/epiq-elex-cem
XM-DAC-903-SPI-10542
International Finance Corporation
Kronospan Bulgaria II
The project is to set up an Oriented Strand Board (OSB) line on existing premises at Bourgas, which would substitute a previously planned particleboard line and would further upgrade the existing facilities. The project will double current production capacity, and further increase melamine-facing capacity. The added new capacity will achieve economies of scale, which are critical for the industry. The project is expected to boost margins, enhance the company''s competitive position in Southeastern Europe and provide strategic diversification. In addition, the project will contribute to the modernization of the Bulgarian wood panel industry, which is currently characterized by inefficient, low-quality operations and will have a potential strong impact on the development of the industry in the country. IFCs role in the proposed project is three-fold: (i) increase confidence in and support for the Governments privatization efforts; (ii) act as a catalyst for foreign investment and private sector participation in Bulgaria; and (iii) help the Sponsors gain access to long-term financing.
KRONOSPAN BULGARIA EOOD
Mr. Kris Nenov, Managing Director, Kronospan Bulgaria EOOD, Severozapadna Promishlena Zona, 8000 Bourgas, Bulgaria. phone: +359 56 802 029, fax: +359 56 801 225
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The mill is situated on the outskirts of the city of Bourgas in eastern Bulgaria on the Black Sea coast. The location provides the mill convenient sea and land transport connections to the Middle East, North Africa, Turkey and Greece. The mill is situated on 27 hectares, of which only a portion is used for production purposes, therefore providing possibilities for further expansions.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
FC - Wood Panels and Engineered Wood Products
Total: $6.36 million
6360000.00
6360000.00
KRONOSPAN BULGARIA EOOD
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/10542/kronospan-bulgaria-ii
XM-DAC-903-SPI-10581
International Finance Corporation
Sofia Med Project
The proposed project is to revamp a nearly idle and ill-maintained copper processing facility, Sofia Med, and to transform it into a modern, cost efficient plant producing 120,000 tpy of copper and copper alloy products. In December 1999, Halcor acquired the assets of the former Bulgarian copper processor, KOCM, and established a new company, Sofia Med. At the time of the acquisition, KOCM was facing bankruptcy, it had ceased production and its creditors were selling the pledged assets. KOCM was notoriously privatized in 1997. The local owner did not put any money into the plant, nor made any effort to reduce production costs. The plant''s losses continued to accumulate, and in 1999 it stopped production and was put in the hands of the court. Halcor will refurbish the plant, inject necessary capital to restart production, and improve production methods to facilitate the transition to high value added products. The project will be implemented in two stages over a five-year period. The first stage will comprise mainly environmental investments (environmental clean-up of the project site, switching the main energy source from fuel oil to natural gas; replacing oil cooling with water-cooling, etc.), and investments needed to facilitate immediate commencement of the facility''s operations. The second stage will comprise investments in the casting, extrusion, and rolling mills departments, which will allow gradual improvement in capacity utilization. The plant is currently producing small quantities of brass tubes and bars. At project completion, the company will be manufacturing 120,000 tpy of copper and brass products, which will be marketed by Halcor, primarily to existing customers through its various global distribution outlets. IFC Role This project is an example of an established Greek company seeking IFC''s help in pursuing pioneering investments in riskier operating environments. Though Halcor has an established market position globally, this would be its first overseas manufacturing investment. IFC''s presence therefore is vital to mitigate some of the risks that Halcor would face in a different regulatory environment. IFC is playing an important role in : (i) structuring the financial plan; (ii) prioritizing important environmental investments; and (iii) helping to revive and sustain a major productive asset and a key employer in the region. IFC would also help the company obtain adequate long term financing at reasonable terms, which is not otherwise available. IFC also expects to do a possible co-financing with Greek banks, thereby serving as an important catalyst in the transaction. Developmental Impact The proposed project will have a significant developmental impact: (i) Positive environmental impact: This will include switching to energy efficient and environmentally friendly energy sources; implementing significantly better employee health and safety practices, compared to past and present practices in Bulgaria. IFC''s participation and expertise will contribute to the implementation of an investment program which meets all World Bank, EU, and Bulgarian environmental standards. (ii) Demonstration effect: In view of the perceived macroeconomic and political risks involved in investing in Bulgaria, IFC''s participation, along with the proposed co-financing from Greek banks, and presence of Halcor and Union Miniere (important and well reputed players in the field of metal processing and distribution) will have a significant demonstration effect in supporting foreign direct investment in Bulgaria''s manufacturing sector. (iii) Know-how transfer: The project will benefit from the know-how and management expertise of a strong sponsor, who has significant technological know-how in investment and production of copper and copper alloy processing. Also, the sponsor will bring into the project advanced marketing and sales techniques and a proven quality control system. (iv) Improved skills base: An important part of the sponsors'' support will be on job training, which will be provided by Halcor. (v) Increased employment: The project will create new employment in Bulgaria, both directly and indirectly, having an important impact in a period of high unemployment in the country. Currently there are 200 employees in the plant, and Halcor expects to increase direct employment to about 500 people within a six-year period. Additional employment is expected to be generated in the supply stream and in ancillary activities. In addition, temporary employment will be provided to local labor during the construction phase. (vi) Supporting sustainable industries producing higher value added products: The project would help the Bulgarian government support sustainable industries with strong sponsors, producing higher value added products. Over the long term, the project is expected to serve as a model for further private-sector development by: (1) providing a clear example of the application of modern management and corporate governance in Bulgaria; (2) attracting a sponsor with first-class expertise; and (3) promoting the development of a key industry for the Bulgarian economy through a strategic alliance with a well established player in the extremely competitive metal alloy processing industry. World Bank Group strategy The project fits well with the World Bank Group strategy for fostering sustainable economic growth by accelerating structural reform and rapid development of the private sector. IFC supports Bulgaria''s privatization efforts by focusing on financing recently privatized enterprises, and by supporting manufacturing opportunities in various sectors, which have strategic importance for Bulgaria.
SOFIA MED SA
Mr. Stavros TheodoropoulosDeputy Chairman of the Board of Sofia MedTel. 30-1-6861-421Fax 30-1-6861-28616 Himaras Str., Gr 151 25 Maroussi-Greece
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The project is located in Sofia, Bulgaria''s capital. The project site occupies about 190,000 sq.m, alongside Gara Iskar, at about 10km from downtown Sofia. The area is predominantly industrial, but not far from some residential buildings.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
BB - Other (Copper, Rolled Copper, Brass, etc.)
Total: $11.55 million
11550000.00
11550000.00
SOFIA MED SA
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/10581/sofia-med-project
XM-DAC-903-SPI-11227
International Finance Corporation
Stomana Pernik
The proposed Euros 73.8 million project represents a post privatization restructuring of a Bulgarian steel mini-mill, Stomana Industry A.D. (Stomana, or the company). Headquartered in the Pernik industrial area, Stomana is the largest employer in a depressed region, notorious with the unsuccessful privatizations of a number of big state-owned companies. Moreover, with production of about 600,000 tpy of long and flat steel products and more than 1,300 employees, Stomana is the second largest steel producer in Bulgaria and one of the most important enterprises in the country.
The project will be implemented by Sidenor Steel Products Manufacturing Company S.A. (Sidenor or the Sponsor). As part of the project, Sidenor will refurbish the plant, improve production methods and environmental performance, and facilitate transition to higher value-added products. After the completion of the overall investment program, Stomana's production is not expected to divert significantly from current levels as planned investment is in cost reduction and quality improvements, and not in capacity increases.
STOMANA-INDUSTRY AD
Stomana Industry
1, Vladaisko Vastanie St.
2304 Pernik, Bulgaria
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The project will be implemented in Stomanas existing production facilities, located in the industrial zone of the town of Pernik, Bulgaria. Pernik is situated about 30 kilometers southwest of Bulgarias capital, Sofia.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AA - Iron and Steel
Total: $21.79 million
21790000.00
21790000.00
STOMANA-INDUSTRY AD
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/11227/stomana-pernik
XM-DAC-903-SPI-11244
International Finance Corporation
Galata Gas Field Project
The borrower will be Petreco S.a.r.l., a Luxembourg private limited company. Its assets and activity are solely in Bulgaria, namely the development of the Galata Field and a 100% interest in the exploration permit for the rest of Block-III and the adjoining Block Kaliakra, 99, in offshore Bulgaria. As stated earlier, part of its interest is held through its Bulgarian subsidiary, Petreco Bulgaria, which will execute the project. The proposed project involves the development of the Galata gas field. An independent reserve engineer has certified proved reserves of 49 bcf of dry gas. The development of the field will involve the drilling of two wells, the installation of a production platform, the construction of an 83 km pipeline and related processing and metering facilities. Melrose expects to achieve first gas by the second half of 2003. Bulgaria has very limited indigenous gas production and its domestic market for natural gas is still in an early stage of development. The sector does, however, play a key role as a gas transit country for deliveries of Russian gas to Turkey, Greece, and Macedonia. This role is poised to become more important with increasing deliveries. As a result of it being a gas transit country, Bulgaria has access to imported gas as well as a well developed gas transmission system which provides a solid base to support gas distribution in the country. Development of a competitive gas market is an objective of the government of Bulgaria and towards this goal concessions are on offer for local distribution by private companies. The development of the Galata Field will help introduce competition in gas supply, albeit in a limited way (around 15% of total annual supply). More importantly, the successful development of the Galata Field will have a significant impact on the perceptions of other potential upstream investors and on Bulgaria''s standing as a responsible gas transit country. Secondly, it is expected that the Galata Field, upon depletion will be used as a gas storage facility, thus strengthening Bulgaria''s role as a gas transit country with its attendant revenue generating benefits. Third, royalty and other taxes from the project, including production bonus, will accrue to the government. Fourth, the sponsors have committed , under the terms of the concession agreement, to actively support local companies in project execution and to train Bulgarian employees. Finally, the employment during construction phase will total several hundred people and the core operating and management staff in production will be approximately 30 people. At a proven reserve of 49 Bcf, Galata is a relatively small gas field and it is believed that this is the reason that Texaco, which discovered the field more than a decade ago did not pursue the development of the field. From the country''s point of view, commercial production from the Galata Field is important for development of a competitive domestic gas market. The project has not been able to attract private financing, even for the relatively shorter terms needed, and IFC''s participation is critical for the financing of the project. Secondly, the gas sector in Bulgaria and in particular Bulgargaz, the national gas company, is in a process of change. IFC''s participation gives comfort to the sponsors that these changes would be undertaken in a manner which does not jeopardize the commercial viability of the project.
Petreco S.A.R.L.
Mr. J. Munro M Sutherland Melrose Resources plc, 3 Drumsheugh Gardens, Edinburgh EH3 7QJ, United Kingdom Phone: +44 131 225-6678 Fax: +44 131 225-7088
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The project will be implemented in the Galata gas field, a relatively small field located 23km offshore in the Black Sea on the eastern coast of Bulgaria.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AB - Oil and Gas Production (Includes Development)
Total: $17.00 million
17000000.00
17000000.00
Petreco S.A.R.L.
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/11244/galata-gas-field-project
XM-DAC-903-SPI-11307
International Finance Corporation
Unionbank SME Bulgaria
Unionbank is a comparatively small universal Bulgarian bank. One of its major priorities is to provide support to the development of the local small and medium sized businesses (SMEs). The bank provides SMEs all over the country access to banking resources and has established a strong franchise in this market. Unionbank''s loan portfolio as of year-end 2001 amounted to BGN 47 million (US$21 million equivalent) and is concentrated in the trade and manufacturing sectors. The bank is well capitalized with capital of BGN 30 million (US$14 million equivalent) and assets of BGN 122 million (US$55 million equivalent). The project involves the extension of a credit line to Unionbank to help extend the maturity of the bank''s funding base. The credit line will be used as a source of medium term funding for the development of small business finance activities. Bulgarias future economic growth will continue to be driven by the emerging SME sector which, according to government sources, already accounts for more than 50% of GDP. Nevertheless, Bulgarian bank lending is heavily concentrated towards the large corporate and public sectors. Small business lending has not been a feature of the banking business; this sector of the economy is underserved, and the availability of term finance for SMEs is scarce. This facility critically addresses this gap. The project is consistent with the World Bank Groups strategy of improving the efficiency of financial intermediation and in supporting the Bulgarian private sector. IFCs support for this project will facilitate the growth of financial intermediaries dedicated to the development of a vibrant SME sector.
Unionbank AD
Mr. Evgeni Gospodinov Executive Director 10-12 Damyan Gruev Street, BG-1606 Sofia evgeni@unionbank.bg
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
Unionbank is headquartered in Sofia, Bulgaria with nine branches and five offices in key Bulgarian cities.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AA - Commercial Banking - General
Total: $5.00 million
5000000.00
5000000.00
Unionbank AD
Summary of Project Information
See Environmental and Social Management System (ESMS) summary tab.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/11307/unionbank-sme-bulgaria
XM-DAC-903-SPI-11427
International Finance Corporation
Bulgarian American Credit Bank II
With assets and capital of about USD56 million equivalent and USD20 million equivalent respectively, BACB focuses on small and medium enterprises (SME) and mortgage lending. The bank''s loan portfolio of about USD52 million equivalent consists of 75% SME loans and 25% mortgage loans. BACB has been a leader in mortgage finance in Bulgaria. The bank successfully spearheaded the effort to draft and enact the Mortgage Bond Law, and, in July, 2001, was the first bank to issue a mortgage bond, which has since been listed locally. BACB has now asked for IFC''s financing for the proposed facility so as to support the growth of its mortgage finance business. The first part of the facility (Part A) would be a revolving line of credit to fund BACBs portfolio of mortgage loans until they are refinanced through the issuances of mortgage bonds. The second part (Part B) would be for IFCs participation in the banks mortgage bond issuances, in the form of either a subscription in or credit enhancement of a BACB mortgage bond. The facility should enable BACB to expand the reach of its mortgage origination. It is also envisioned that IFC participation in future BACB mortgage bonds would enable the bank to catalyze increased investor interest. The venture should also enhance the availability and affordability of residential mortgages in Bulgaria, and have a positive financial markets impact, as the volume of mortgage bonds and OTC market trading grows. Further, it would enable small entrepreneurs to use their home equity to secure small business (microfinance) loans, which are otherwise difficult to obtain.
BULGARIAN AMERICAN CREDIT BANK AD
Dennis E. Fiehler, Chief Financial Officer 16 Krakra Street, 1504 Sofia Bulgaria Phone: 359-2-946-0119
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
BACB''s headquarters are located in Sofia, the capital city of Bulgaria. The bank also has branches in three other major Bulgarian cities. Investments can be made throughout the country.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AA - Commercial Banking - General
Total: $10.00 million
10000000.00
10000000.00
BULGARIAN AMERICAN CREDIT BANK AD
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/11427/bulgarian-american-credit-bank-ii
XM-DAC-903-SPI-21399
International Finance Corporation
Trakya Bulgaria
The project consists of the construction of a $100-110 million float glass plant in the town of Targovishte in the northwestern part of Bulgaria. At full capacity, it is expected to produce 200,000 tons of clear float glass annually and employ 200 people. Approximately 90,000 tons of this production will be exported to the nearby Balkan markets, particularly Greece and Romania, 20,000 tons in the domestic Bulgarian market, and the remainder within Turkey.
TRAKYA GLASS BULGARIA EAD
Ms. Aytac Mutluguller,
Manager, International Finance and Investments Dept.
Is Kuleleri, Kule 3
34330 4. Levent
Istanbul, Turkey
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The project site is Targovishte, a town in northwestern Bulgaria, a longstanding glassmaking region in Eastern Europe. The site enjoys convenient access to Varna, the largest port in Bulgaria and its best port for maritime transportation of container shipments.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
CA - Glass and Glass Products (Including Glass and Mineral Wool)
Total: $27.50 million
22500000.00
5000000.00
22500000.00
TRAKYA GLASS BULGARIA EAD
5000000.00
TRAKYA GLASS BULGARIA EAD
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/21399/trakya-bulgaria
XM-DAC-903-SPI-21412
International Finance Corporation
Pasa Bulgaria
The proposed project is the construction of a green field glass tableware plant with an annual capacity of 53,000 tons in Targovishte, Bulgaria, at an estimated cost of $60 million. The project, which is expected to be commissioned in 2005 and employ 500 employees in 8 production lines, is located 123 km from the port of Varna on the Black Sea and 313 km from Sofia. It will sell 90% of its production in the Balkans, Central, Eastern, and Western Europe and 10% domestically.
TRAKYA GLASS BULGARIA EAD
Ms. Aytac Mutluguller,
Manager, International Finance & Investments
Is Kuleleri, Kule 3
80620 4 Levent
Istanbul, Turkey
Phone: 90-212-350-3480
Fax: 90-212-350-4480
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The site of the project is Targovishte, a town in the northeastern Bulgaria in a longstanding glassmaking region in Eastern Europe. The site enjoys convenient access to Varna, the largest port in Bulgaria and its best port for maritime transportation of container shipments.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
CA - Glass and Glass Products (Including Glass and Mineral Wool)
Total: $15.00 million
12500000.00
2500000.00
12500000.00
TRAKYA GLASS BULGARIA EAD
2500000.00
TRAKYA GLASS BULGARIA EAD
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/21412/pasa-bulgaria
XM-DAC-903-SPI-21680
International Finance Corporation
Drujba A.D.
Drujba A.D. (Drujba) is the result of the merger in April 2003 of Stind A.D. (Stind; located in Sofia) and Drujba (which originally consisted solely of a plant at Plovdiv, in southern Bulgaria), both of which have been owned by Yioula Glassworks S.A (Yioula), Greece, since their privatizations in 1997 and in 1998, respectively. In 2002, the combined sales of Drujba were Euro 46.9 million ($ 49.8 million) and net earnings amounted to Euro 5.4 million ($ 5.7 million).
After the merger, the companys share of the Bulgarian market is about 72%. The combined capacity at the two plants (after full commissioning of the new furnace in early 2004) will be approximately 264,000 tons per year. The merger of Drujbas original Plovdiv and Stind operations aimed at more efficient production planning, better capacity utilizations, and more efficient use of management time. Although the sponsor had sought the merger several years ago it was delayed due to lengthy regulatory requirements of Bulgarias State Securities Commission and various other regulatory agencies.
The proposed project is to refurbish and modernize the operations of an existing Bulgarian glass manufacturer, Drujba. The project involves an investment in a modern 120,000 tpy natural gas fired furnace and related production lines at the companys plant in Plovdiv. Capacity at the companys Sofia operation will not increase.
DRUJBA GLASSWORKS SA
Mr. Nikolaos Georgopoulos, Executive Director
Fax No.: 359.2.3911.247
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The new furnace, the production lines and the related assets being constructed as part of the project are located at the companys plant in Plovdiv, Bulgaria, which is situated about 130 Km southeast of Sofia on an area of 170,000 square meters. The plants buildings, warehouses and other facilities occupy about 70,000 square meters. Electricity is provided to the plant from the local grid, which is very reliable. However, in the event that power from that source were to become unavailable, there is a power generator at the plant that can supply the necessary electricity. Water is provided by the city, and the plant also has access to its own water wells. As for transportation, about 70% of the products are transported by trucks and the remainder by rail, and both the roads and the rail facilities are good.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
CA - Glass and Glass Products (Including Glass and Mineral Wool)
Total: $23.78 million
23780000.00
23780000.00
DRUJBA GLASSWORKS SA
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/21680/drujba-a-d
XM-DAC-903-SPI-22319
International Finance Corporation
Unionbank SME II
The project involves the extension of a credit line of up to 5.0 million to Unionbank AD or the company, a private Bulgarian bank. The facility will help extend the maturity of Unionbanks funding base and will be used as a source of medium term funding for the development of small business finance activities. Bulgarias SME sector accounts for more than 50% of GDP but remains underserved by the Bulgarian banking sector, which has traditionally focused on large corporate clients. This facility supports Unionbank in addressing this gap in the financial sector.
Unionbank AD
Mr. Evgeni Gospodinov, Executive Director
10-12 Damyan Gruev Street, BG-1606
Sofia, Bulgaria
Fax + 359-2-953-4004
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
Unionbank is headquartered in Sofia and serves its clients through 20 branches located throughout Bulgaria.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AA - Commercial Banking - General
Total: $6.46 million
6460000.00
6460000.00
Unionbank AD
Summary of Project Information
See Environmental and Social Management System (ESMS) summary tab.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/22319/unionbank-sme-ii
XM-DAC-903-SPI-22605
International Finance Corporation
PCBulgaria Loan
ProCredit Bank A.D. (ProCredit or the bank), a fully licensed specialized financial institution providing credit and other financial services on commercial terms to micro and small enterprises (MSE) in Bulgaria, began operations in October 2001. ProCredit Bank has established itself as a leader in providing credit and financial services to individual entrepreneurs, micro and small enterprises (MSEs) across Bulgaria.
The purpose of the IFC project (a EUR 10.0 million credit line) is to support ProCredits rapid and successful loan portfolio growth.
PROCREDIT BANK (BULGARIA) EAD
Ms. Susanne Decker, Executive Director
131 Hristo Botev Blvd.
1233 Sofia, Bulgaria
Fax: +359-2-921-7109
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
ProCredit Banks headquarters are in Sofia. The bank has 18 branches and 8 lending outlets across Bulgaria.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AC - Commercial Banking - Microfinance and Small Business
Total: $12.16 million
12160000.00
12160000.00
PROCREDIT BANK (BULGARIA) EAD
Summary of Project Information
See Environmental and Social Management System (ESMS) summary tab.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/22605/pcbulgaria-loan
XM-DAC-903-SPI-24438
International Finance Corporation
EPIQ/ELEX II
EPIQ Group (the Group or the company) is a contract electronics manufacturer (CEM) focusing on the automotive industry. The Groups 100% Bulgarian subsidiary, EPIQ Bulgaria, is an existing IFC client since 2001. The proposed project is to finance partially the 2005-2007 expansion and working capital requirements of the Groups subsidiaries, in Bulgaria and Mexico, for a total project cost of 43.0 million.
EPIQ NV
Alexander Verhees, Joint CEO / CFO Epiq NV, Transportstaat 1, B-3980 Tessenderlo, Belgium E-mail: avh@epiq.be
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The project is to partially finance the expansion and working capital requirements in EPIQs facility in Botevgrad in Bulgaria and in Guadalajara in Mexico. The expansion and working capital plan of the Group also includes some minor investments in the Czech Republic.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
CG - Motor Vehicle Parts
Total: $24.87 million
24870000.00
0.00
24870000.00
EPIQ NV
0.00
EPIQ NV
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/24438/epiq-elex-ii
XM-DAC-903-SPI-25090
International Finance Corporation
Stomana II Project
Steel mini-mill Stomana Industry A.D. (Stomana or the company), an existing IFC client, is the second largest steel producer in Bulgaria. The company plans to bring into operation a new hot rolling mill, to be located within its existing facilities. The project, expected to cost about Euro 43 million in capital investment, is going to be implemented over a one and a half to two-year period. It is not going to affect Stomana''s crude steel capacity as planned investment is in downstream operation. The installation of a new long products rolling mill in Stomana is an important strategic investment for Sidenor allowing it to: - rationalize its total production and take a full advantage of Stomanas upstream capacity. - gradually replace low value added products with the higher added value long products; and - improve cost competitiveness due to: - reduction in overall transportation costs; - more efficient new equipment and processes of the new rolling mill; and - lower labor cost in Bulgaria than those in Greece. The project will be sponsored by Sidenor Steel Products Manufacturing S.A. ("Sidenor") a large Greek manufacturer and marketer of steel products, listed in the Athens Stock Exchange, who acquired Stomana in 2001. After Sidenors acquisition, Stomana was turned around and transformed into a sound and quite profitable enterprise. Sidenor is part of Viohalco, Greece, the largest metal processing group in the country, which also sponsored two other IFC projects.
As part of an overall rationalization of Sidenor, the project will allow increased downstream processing in Bulgaria, thus increasing value generated in Bulgaria and saving the company transport costs from Greece where the bulk of Sidenors long products is currently produced. Stomanas product quality will increase and comply with EU requirements enabling the company to satisfy expected medium-term robust demand growth in the region. The project will benefit from the management expertise of a strong sponsor, who has significant technological know-how. Also, the sponsor will bring into the project advanced marketing and customer support activities with the aim to providing global solutions to its customers along with established product quality. The project is expected to result in better efficiency due to implementation of new, better technology. The project is important for strengthening the cross border cooperation and Bulgarian economic growth, especially in light of Bulgarias accession to the EU in 2007. Over the long term, the project is expected to serve as a model for further private-sector development by: providing a clear example of continuity in application of modern management and corporate governance in Bulgaria; attracting a sponsor with first-class expertise; and promoting the development of a key industry for the Bulgarian economy.
STOMANA-INDUSTRY AD
Konstantin Stamenov Stomana Industry 1, Vladaisko Vastanie St. 2304 Pernik, Bulgaria The ERS will be disclosed on Stomanas factory gate in Pernik and on Stomanas website.
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The project will be implemented on Stomanas existing premises, located in the industrial zone of the town of Pernik, Bulgaria. Pernik is situated about 30 kilometers southwest of Bulgarias capital, Sofia.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AA - Iron and Steel
Total: $21.42 million
21420000.00
21420000.00
STOMANA-INDUSTRY AD
Summary of Project Information
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/25090/stomana-ii-project
XM-DAC-903-SPI-26737
International Finance Corporation
Advance Terrafund
The proposed investment is to support the expansion of Advance Terrafund (ATERA), a company investing in agricultural land in Bulgaria promoting land consolidation.
IFCs investment will enable the company to achieve its expansion plans. It will support the expansion of an innovative asset class that will have significant benefits by providing a private sector solution to the urgent need for consolidation of agricultural land in Bulgaria and further support the development of the real estate and farming markets. Farmland consolidation is expected to create opportunities for investment and growth of efficient, modern farming companies, which, in turn are key to a competitive Bulgarian agriculture.
ADVANCE TERAFUND IAD
Atanas Dimitrov Investor Relations Director Advance Terrafund REIT 57 Hristo Botev Blvd, Sofia 1303, Bulgaria Telephone: (359-2) 4008 332
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The company is headquartered in Sofia and operates across Bulgaria.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AA - Grains and Beans
Total: $21.62 million
21620000.00
21620000.00
ADVANCE TERAFUND IAD
Summary of Project Information
See Environmental and Social Management System (ESMS) summary tab.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/26737/advance-terrafund
XM-DAC-903-SPI-26836
International Finance Corporation
AES Kavarna
The project comprises the construction and operation of the 156 MW St. Nikola Wind Farm in the municipality of Kavarna, in the north-east of Bulgaria close to the villages of Bulgarevo, Sveti Nikola, Hadji Dimitar, Rakvovski and Porouchik Chounchevo, on an elevated plain approximately 3km from the Black Sea. The wind park will comprise 52 3 MW V90 turbines, manufactured by Vestas A.S. (Vestas) of Denmark. The project will include a 33/110 kV substation, which will be connected to the national grid through an 8 km transmission line.
Once operational, the project will: - increase Bulgarias electricity output from renewable energy by approx 330 GWh per annum, thereby helping Bulgaria maintaining its EU commitment of 11% of electricity consumption generated by renewable energy by 2010 and progress towards the 16% target by 2020; - decrease the countrys dependence on highly-polluting coal-lignite fired generation and nuclear generation; - in doing so, displace up to approximately 300,000 tons of carbon emissions per year reducing pollution in the North East of the country and contributing to the effort to reduce global warming; - help Bulgaria maintain its position as one of the main power exporters or the region; - by nature of the size of the transaction, influence Bulgarias ability to attract foreign investment in the renewable energy sector and position Bulgaria as an alternative emerging market destination for wind power investments.
AES GEO ENERGY OOD
John Bottomley, Project Director AES Alternative Energy 37-39 Kew Foot Road, Richmond Surrey TW9 2SS, United Kingdom Tel: +44 (0) 20 8334 5300 Fax: +44 (0) 20 8332 9078
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The project will be constructed over 52 approximately 1 decare plots of land (one per turbine), and a 6,000 m2 plot for the project substation, spread out over a total area of approximately 60 km2. All of the plots of land are owned by GP and will be rented to the project for 20 years. The proposed site has been allocated under the current territorial structural plan as land designated for farming and other compatible activities. As only 6 hectares of land will be permanently required for the operations of the wind farm, the land will predominantly continue to be used for agriculture purposes.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
BC - Wind Power - Renewable Energy Generation
Total: $62.93 million
62930000.00
62930000.00
AES GEO ENERGY OOD
Summary of Project Information
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/26836/aes-kavarna
XM-DAC-903-SPI-28501
International Finance Corporation
Kronospan CEE-BG
Financed by IFC, Kronospan Bulgaria produces melamine-faced particleboard (MFC) and oriented strand board (OSB) at two facilities in Bourgas and Veliko Tarnovo. In the past three years, the company made investments of EUR50 million to upgrade particleboard production and environment equipment in Bourgas, establish a warehousing and distribution center in Sofia, and to acquire and rebuild a domestic particleboard company in Veliko Tarnovo. These investments were bridge-financed by shareholders funds and internal cash generation and Kronospan is now looking to partially refinance them with the help of IFC. This will allow Kronospan Bulgaria to position the company for growth when the economic situation improves.
Climate Change Mitigation: Climate change benefits include a corporate commitment by Kronospan to produce panel products from waste-wood chips, forest residues and pulpwood, and to stimulate growth of forests through sustainable forest management practices.
Employment: The Project will help the continued operation of the plants in Bulgaria and preserve the jobs of approx. 300 people.
Benefits to Local SMEs: High volume production of value added products benefits the local furniture manufacturers and construction industry through lower prices and higher product quality.
Demonstration Effect: The success of the project during the ongoing financial crisis is likely to have a demonstration effect for similar investments by other global and regional companies. This will encourage FDI, boosting confidence in the economy and the environment for private sector investment.
KRONOSPAN BULGARIA EOOD
Nikolay Bankov
Tel: 00359.56805200
Email: office@kronospan.bg
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
Kronospan has particleboard, MFC and OSB production in the industrial zone of Bourgas, a particleboard and MFC facility in Veliko Tarnovo and a warehousing and distribution center in a suburb of Sofia. All sites have good access to transportation routes (auto and railway).
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
FC - Wood Panels and Engineered Wood Products
Total: $24.59 million
24590000.00
24590000.00
KRONOSPAN BULGARIA EOOD
Summary of Project Information
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/28501/kronospan-ceebg
XM-DAC-903-SPI-29688
International Finance Corporation
Stomana III
Based in Pernik, Bulgaria, Stomana Industry S.A. (Stomana, or the Company) is a leading steel manufacturer in Southern Europe. The Company has been present in the Balkan and international markets for more than 50 years, and produces a wide range of products, including reinforcing steel, heavy plates, merchant bars, special steels, special profiles and sections.In June 2001, Sidenor S.A. of Greece, acquired the Company from the Bulgarian State, and assumed responsibility for the overall operation. The transition to the private sector, which constituted a turning point in the company's history, involved a major investment plan aiming at the modernization of the production facilities and the overall restructuring of the company.
The proposed project entails the strengthening of the Companys balance sheet by providing a long-term loan to more closely match the long-term nature of the Companys productive assets, as well as the support of Stomanas recent capital investments into machinery and equipment, including a recent purchase of a new electric arc furnace.
- Countercyclical Support: The proposed transaction would provide durable financial support to a significant employer, exporter and tax payer in Bulgaria by supporting Stomana's efforts in the aftermath of the worst financial year in recent history for most steel-makers.
- Environmental and Financial Benefits: Part of the proposed IFC financing is aimed for the capital investments of Stomana. The investment into the new Electric Arc Furnace (EAF) would bring forth better utilization of electric and natural gas consumption of Stomana. This would create both environmental and financial benefits as soon as the new technology is installed and implemented.
STOMANA-INDUSTRY AD
Mr. Stratos Thomadakis (St??t?? T?µad????),
Chief Financial Officer, SIDENOR Group,
E-mail address: sthomadakis@sidenor.vionet.gr
Phone: +30-210-678-7111
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
Stomanas steel mini-mill is located in Pernik, Bulgaria, approximately 20 kilometers to the south-west of Sofia. The total surface of the land owned by Stomana is approximately 300 hectares including a total covered and used surface of 28.5 hectares including: a scrap-yard, a steelmaking facility, two long products rolling mills, a flat products mill, a grinding balls plant, a cold finishing plant, and a concrete reinforcing mesh and steel cages plant. All of the above mentioned facilities are actively operating.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
AC - Mini-Mills
Total: $33.46 million
33460000.00
33460000.00
STOMANA-INDUSTRY AD
Summary of Project Information
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/29688/stomana-iii
XM-DAC-903-SPI-31543
International Finance Corporation
Karadzhalovo SPP
The Project (Karadzhalovo SPP) involves the development, construction, operation and maintenance of a 60.4 MWp solar photovoltaic power plant at Karadzhalovo in the municipality of Parvomay, Plovdiv District, Bulgaria. All of the output generated by the Project will be sold to the national electricity company, Natsionalna Elektricheska Kompania EAD (NEK), a 100% subsidiary of the Ministry of Energy, Economy and Tourism under a 20-year PPA that will provide for a fixed Feed In Tariff (FiT), expected to be BGN 485.6/MWh (equivalent to 248.3/MWh).
1. Increasing Bulgaria''s renewable energy output, and helping the country meet its renewable energy targets, including by diversifying its renewable energy mix; 2. Associated displacement of thermal power, resulting in avoidance of carbon emissions; 3. Demonstration effect, showing the viability of financing a large SPP on a limited recourse basis, and proving the ongoing viability of the Bulgarian RE sector, given recent changes to the RE Law.
ACWA POWER CF KARAD PV PARK EAD
Mr. Alessandro Ceschiat Project Manager ZBE Partners EOOD c/o SunEdison Calle de Alcala 44/3 28014 Madrid Spain mailto:aceschiat@sunedison.com Tel: +34 915242636
International Finance Corporation
+12024733800
ccspg@ifc.org
www.ifc.org
2121 Pennsylvania Avenue, NW Washington DC 20433
Bulgaria
The Project is located on a plot of land measuring about 100 hectares, close to the village of Karadzhalovo, in the municipality of Parvomay, Plovdiv District, which is about 160 km southeast of Sofia, the capital city of Bulgaria. The land was formerly owned by the Parvomay Municipality and used for agricultural purposes in the past. The agricultural status of the project site was re-zoned under the Municipalitys Master Plan and was converted to industrial use in 2006.
Location description
A description that qualifies the activity taking place at the location.
42.6666720000 25.2500000000
BF - Solar - Renewable Energy Generation
Total: $61.97 million
61970000.00
61970000.00
ACWA POWER CF KARAD PV PARK EAD
Summary of Project Information
See sections Identified Applicable Performance Standards, Stakeholder Engagement, Environmental and Social Action Plan, E&S Categorization Rationale.
Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/31543/karadzhalovo-spp