Interlic.md

IFC, a member of the World Bank Group, is providing a $10 million loan and mobilizing a $3 million parallel loan from the Black Sea Trade and Development Bank to Moldovan glass manufacturer Glass Container Prim to help the company expand its operations and support the country’s economic recovery.

GC Prim is a flint glass bottle manufacturer and one of Moldova’s leading private sector employers since 2010. The company produces more than 130 million bottles annually.

This investment follows a combined $16.3 million debt-to-equity swap by the company’s two largest shareholders: Western NIS Enterprise Fund, and Moldova Agroindbank. The transaction will help GC Prim – a key supplier to Moldova’s food and beverage sector, which accounts for 20.5 percent of all Moldovan exports – to restructure its balance sheet and grow its business.

Oleg Baban, General Director of GC Prim, said, "In this challenging environment we have taken numerous strategic measures to ensure our continued leadership. These steps have paid off, and by attracting this funding from credible international financial institutions we are now in a position to expand.”

Tomasz Telma, IFC Director for Europe and Central Asia, said, “Restructuring GC Prim’s financial obligations was vital to put the company’s business on a sound financial footing. By working with our partners we aim to increase the company’s competitiveness so that it remains a significant employer and exporter.”

Natalie Jaresko, WNISEF President and Chief Executive Officer, said: “Supporting our portfolio companies in restructuring and raising additional capital is just one of the many ways we add value as a shareholder. GC Prim’s outstanding management team gives us confidence in our business strategy and in our ability to further expand Moldova’s exports in the region.”

Natalia Vrabie, President of Management Board of Agroindbank, said, “GC Prim glass factory is one of the biggest projects financed by Moldova Agroindbank. The success of this project is very important for the Moldovan economy, and cooperation with leading financial institutions will contribute to develop and increase GC Prim’s business. The successful partnership will also help potential investors in their decision to make investments in manufacturing and other sectors of Moldova’s economy.”

IM Glass Container Prim S.A., is a Moldovan private company producing high-quality flint glass containers since 2010. The company has glass melting furnace, equipped with state of the art forming equipment, enabling it to produce over 130 million of high quality conventional bottles annually. It is majority owned by Western NIS Enterprise Fund and Moldova Agroindbank.