EBRD finances EUR 20 million project in Russian regions with Finland’s Rani Plast
The EBRD has extended a long-term loan of EUR 8 million to the Russian subsidiary of Finland’s Ab Rani Plast Oy to finance the construction of a plant in Russia’s Kaluga Region. The plant will supply Russian industrial clients with flexible packaging for agriculture, consumer goods, electric insulation and pallet wrapping.
“This project is a major investment in the future and one of the biggest in Rani Plast's history. Our long-term goal is to become Russia’s leading supplier of plastic film and the decision to build a plant next to our customers is our response to the rapid growth of the Russian market. This is something we have dreamt of for 15 years,” said Mikael Ahlbäck, Managing Director of Rani Plast.
Finland’s Lemminkäinen is building the EUR 20 million plant on a turnkey basis at its industrial park in Kaluga. Under this type of contract, Lemminkäinen is responsible for the transfer to the Russian subsidiary of Finland’s Ab Rani Plast Oy of the land plot, infrastructure, design permission and the plant.
“The EBRD is delighted to support Rani Plast’s new plant in Russia. Medium-sized businesses have an important contribution to make to Foreign Direct Investment in Russia. Rani Plast is renowned for good quality products and high environmental and health and safety standards, as well as the very best industry practices,” said Eric Rasmussen, the EBRD’s Director for Industry, Commerce and Agriculture in Russia.
The maturity of this EBRD’s loan is nine years.