23593 - SEF Altyn-Ajidar II

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Summary of Proposed Investment

Project Number

23593

Company Name

KYRGYZ-CHINESE JOINT VENTURE ALTYN-AJYDAR

Date SPI Disclosed

Jan 13, 2005

Country

Kyrgyz Republic

Industry

Agribusiness and Forestry

Projected Board Date

Feb 15, 2005

Status

Completed

Sector

Paper Packaging Products (Including Boxes, Cartons, etc.)

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : Apr 11, 2005
Signed : Jun 8, 2005
Invested : Oct 3, 2005

Project Description

The project consists of expanding and diversifying the operations of Altyn Ajydar (AA or the company), an existing client of IFC and the leading producer of corrugated carton packaging in the Kyrgyz Republic (KR). It involves the construction, equipping and placing into operation of a cardboard and fluting paper facility with capacity of 8,250 tons p.a., a plastic packaging facility with capacity of 2,400 tons per annum, and the modernization of the existing corrugated packaging plant reaching capacity of 25 million tons per annum. The project will allow AA to diversify into plastic packaging, improve operating efficiencies in the cardboard packaging business through economies of scale and achieve additional savings from import substitution of raw material.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	1.40
Equity

Development Impact

The project’s expected merits include the timely creation of 70 additional jobs in the capital city of Bishkek, which is at present dealing with unusually high unemployment levels. The project brings new technology into the country, hence raising the national bar for industrial production efficiencies and in training of operational staff. The project brings also a new manufacturing sector, plastic packaging, to the country. AA is nationally well regarded as a successful entrepreneurial business important and inspirational to the development of the private sector. IFC’s continued support for AA serves as a demonstration effect to stimulate SME development on a commercially viable basis. IFC is contributing essential long-term financing in conjunction with IT advisory services to ensure an efficient and environmentally sound project.

This is a category B project, according to IFC environmental and social review procedures. Key issues include liquid effluents, work place noise levels and work place air quality; solid waste disposal and employee training provided on environmental, health, and safety matters.
Location of environmental documents in locally affected community
Kyrgyz-Chinese Joint Venture Altyn Ajydar 142 Gorky Street 720005 Bishkek Kyrgyz Republic

Contacts

For Inquiries About the Project, Contact

Mr. Pavel Terehov, Vice President Kyrgyz-Chinese Joint Venture Altyn Ajydar 142 Gorky Str., Bishkek Kyrgyz Republic Phone: (993 312) 544 420 Fax: (933 312) 54 02 04

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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