25180 - Rubliovskiy

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Summary of Proposed Investment

Project Number

25180

Company Name

MILLEX INTERNATIONAL LIMITED

Date SPI Disclosed

Mar 17, 2008

Country

Belarus

Industry

Tourism, Retail and Property

Projected Board Date

Apr 17, 2008

Status

Completed

Sector

Retail (Including Supermarkets, Grocery Stores, etc.)

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : May 22, 2008
Signed : Jun 6, 2008
Invested : Sep 11, 2008

Project Description

The project will comprise:

- the opening of 20 new Rubliovskiy supermarkets in Minsk and the regions;
- the construction of 6 new Class A and B+ warehouses in Belarus; and
- the development of a logistics business.

The project will roll out in phases between 2008 and 2012 at a total estimated cost of $110 million.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	26.0
Equity

Development Impact

The project will have the following development impact:

Benefits to Consumers:

By enhancing its wholesale business and expanding its retail chain, the Group will be able to provide access to a more diverse selection of high-quality, affordable food.

Best Practice Transfer:

The project is expected to facilitate the transfer of modern wholesaling, warehousing and retail techniques to Belarus and to enhance the efficiency of the supply chain in the country. The expansion of the Group''s retail chain would demonstrate modern retailing techniques to the market.

Improved Corporate Governance:

The Group’s reorganization and improvement of its corporate structure as well as its transition to IFRS accounting will increase transparency and serve as a benchmark for other local companies.

Cost Savings for Consumers:

A stronger bargaining position vis-à-vis suppliers, economies of scale achieved through geographical expansion, as well as improved inventory management, will allow for cost savings, which eventually can be passed onto the end customer.

Employment Generation:

The project will create new employment, both directly and indirectly. It will provide additional direct employment through the expansion plan and temporary employment during the construction phase.

IFC’s investment will help implement the project by:

- supporting a successful private Belarus Group expand, diversify and raise its operations to international standards;
- providing technical advice;
- facilitating upstream development of local manufacturers and wholesalers in the retail value chain by offering them increased access to customers;
- assisting the Group improve its environmental and social standards, including labor practices, in existing operations thus seeking to establish a good practice example in Belarus’ private sector in these areas.

The project is a category B investment according to IFC’s Environmental and Social Review Procedure. A summary of IFC’s environmental and social review findings for the project including the rationale for the B categorization is publicly available in the Environmental and Social Review Summary.

The key environmental and social aspects of the project, which have been considered are the following:
- Social and Environmental management systems and structure;
- Labor and working conditions;
- Life and fire safety;
- Food hygiene.

Measures to mitigate potential risks and impacts identified during the appraisal are publicly available in the Environmental and Social Action Plan.

Contacts

For Inquiries About the Project, Contact

Ekaterina Rogova, Secretary of the Representative Office
Millex International Limited in Belarus

Telephone:+375 17 237-93-48
E-mail: info@ rtl.by
Website: www.rtl.by

For Inquiries and Comments About IFC, Contact

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

The Group will inform the local community on E&S aspects of the planned development through local disclosure of the ESRS and the ESAP on company’s website: www.rtl.by.

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. 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 Policy on Disclosure of Information that went into effect April 30, 2006.

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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