PROJECT

Projects

Summary of Investment Information

Project Number

34591

Company Name

JSC Saatksio Szagadoeba MINA

Date SPI Disclosed

May 23, 2014

Country

Georgia

Region

Europe

Projected Board Date

Jun 23, 2014

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Nov 30, 2022

Department

Regional Industry MAS LAC & EUR

Industry

Manufacturing

Previous Events

Approved : Jun 24, 2014
Signed : Jul 2, 2014
Invested : Aug 14, 2014

Sector

Glass and Glass Products (Including Glass and Mineral Wool)

Project Description

In 1999 Sisecam Sanayi A.S. (“Sisecam”) acquired a 76% interest in JSC Ksani Mina (“Ksani”), leading manufacturer of glass containers for food and beverages, as part of the Georgian Government''s privatization program. With the financial support of IFC and EBRD, Ksani undertook an expansion and modernization program to take advantage of the growing regional demand.

The current expansion program in 2014 is expected to cost US$25 million and will be used to support: (i) installation of a new furnace to increase capacity from 30 thousand tonnes/year (tpa) of glass, to 60 thousand tpa; (ii) improvements in energy and resource efficiency; (iii) improvements in Ksani’s operational efficiency through renovation and equipment upgrades; and (iv) long-term working capital financing.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation