EBRD will provide $3.8 million loan to Saranist, leading Armenian manufacturers of glass containers

YEREVAN, July 10. / ARKA /. The European Bank for Reconstruction and Development (EBRD) said today it will provide a $3.8 million loan to Saranist Company, a leading manufacturer of glass containers in Armenia.

Part of the funds will be channeled into construction of a furnace with two additional production lines and another part into upgrading  the workshop with modern technology that will reduce the loss of raw materials and energy consumption.

Founded in 1989, Saranist is one of the leading manufacturers of glass containers in Armenia. The company produces a variety of bottles and containers made of clear and colored glass, selling them at the domestic market and importing part to Georgia.

When this project is implemented the company will be able to increase production to meet the growing demand for glass containers in Armenia and Georgia by offering an alternative to more expensive imported glassware.

Earlier, the Bank assisted the company to improve information systems management as part of a broader program designed to boost small businesses.

"We are pleased to continue to work with those customers who expand their production, improve the quality and efficiency and develop from a small company into a leader of the sphere. This program is an excellent example of the Bank's involvement in promoting production,” Bruno Balvanera, the director of the Bank for the Caucasus, Moldova and Belarus was quoted as saying.

The EBRD is the largest investor in Armenia.  Since the beginning of its activities in the country it has invested about 650 million euros in 120 programs. In 2012, the EBRD financed 15 projects in Armenia with a total budget of 94 million euros. -0-