Summary of Proposed Investment
Project Number
7646
Company Name
TETEKS AD
Date SPI Disclosed
Apr 29, 1997
Country
North Macedonia
Industry
Manufacturing
Status
Completed
Sector
Garment and Apparel (With Primary Textile Operations, Excluding Footwear)
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : May 30, 1997
Signed : Oct 22, 1997
Invested : Nov 19, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Macedonia-Teteks A.D. |
| Region | Europe |
| Sector |
Projected Board DateMay 30, 1997
Company NameTeteks A.D.
Technical Partner and/or Major Shareholders
None.
Project Cost Including proposed IFC investment
The project cost would be US$3.8 million including a senior loan of US$1.5 million equivalent for IFC’s own account under the Small Enterprise Fund (SEF) program.
Location of project and Description of site
The project will be located in Tetovo, 35 km west of Skopje. Tetovo is a town of around 50,000 inhabitants and Teteks A.D. is the largest employer in the area with around 4,500 workers and employees. Tetovo can easily be reached from Skopje via major roads.
Description of Company and Purpose of Project
The project is a US$3.8 million modernization of the Company’s existing textiles divisions. The project would comprise the first phase of a more comprehensive expansion and modernization program. This first phase consists of assisting the Company in undertaking urgent investment needs towards improving its competitiveness. Teteks A.D. is Macedonia’s most competitive textiles company with over US$30 million in annual revenues of which about US$15 million are exports.
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure. Environmental issues include air emissions, liquid effluents, and solid waste disposal. Occupational and safety issues include exposure to high temperatures and potentially hazardous aerosols and protection from noise and dust. The results and recommendations of an independent Environmental Audit have been incorporated by the Company, with IFC’s assistance, into an Environmental Action Plan. The Company will comply with World Bank guidelines as part of the project, which is expected to have a positive environmental impact in the town of Tetovo.
The is from the Public Information Center.
| Date SPI sent to PIC | April 30, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
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).
Sponsor / Cost / Location
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