OREANDA-NEWS. On 18 August 2008 IFC, a member of the World Bank Group, announced an agreement to provide loan financing to Altyn-Ajydar, the leading packaging producer in the Kyrgyz Republic, to help the company diversify products, create new jobs, and strengthen environmental, health, and safety management systems.

IFC’s USD 1.6 million loan will enable Altyn-Ajydar to start producing building materials, particularly insulated glass window units and aluminum panels. This will help improve the thermal insulation of buildings and contribute to energy efficiency. The investment will also help the company increase exports of its packaging products to new markets, while capitalizing on the long-term growth potential of the construction industry in Central Asia.

IFC Executive Vice President and CEO Lars Thunell, who is on an official trip to the Kyrgyz Republic, today visited Altyn-Ajydar and discussed its operations and growth plans. The company has 70 percent of the packaging market in the Kyrgyz Republic and 10 percent in Kazakhstan. The project will be located in the industrial zone of Bishkek. 

“In 1999 and 2005, IFC helped us upgrade and expand our corrugated paper and packaging business. These investments have speeded our modernization efforts significantly,” said Pavel Terekhov, President of Altyn-Ajydar. “The new technologies have improved the quality of our products, making them more competitive and familiar in international markets. This has increased sales and profitability and enabled us to increase employment.” 

“IFC is pleased with Altyn Ajydar’s progress over the last 10 years,” said Lars Thunell. “The company has the opportunity to reach new markets after diversifying into building materials, which will also benefit the growing construction industry in the Kyrgyz Republic and across Central Asia. This investment underlines IFC’s continuing commitment to companies that generate employment and foster economic growth in frontier markets.”