Stavropol, Russia, December 25, 2009 – Monocrystal - world’s leading provider of sapphire products and metallization pastes to semiconductor and photovoltaic industries has signed a long-term loan agreement with IFC, a member of the World Bank Group.
The five-year loan will facilitate Monocrystal manufacturing capacity expansion in response to the LED and renewable energy visible market growth rates. Once again acquiring the loan the company will prove its position of reliable and progressively developing market leader.
"IFC participation will help us enhance our capabilities and competitiveness in the expanding global LED and solar markets. IFC will also support our efforts in developing internal policy and practices in environmental and social responsibility in compliance with IFC’s performance standards,” said Vladimir Polyakov, President and Founder of Concern Energomera, parent company of Monocrystal.
“Promoting hi-tech and energy efficiency is one of our main priorities in Russia”, said Snezana Stoiljkovic, IFC director for Central and Eastern Europe. “Monocrystal is a very good example of how a company can benefit from highly qualified local scientists and develop modern hi-tech products in demand at local and global markets. We believe it will be a very successful project from both financial and developmental points of view.”
Monocrystal is a market leader in providing sapphire products and metallization pastes to companies in semiconductor, solar and other industries. The company’s product portfolio includes large diameter sapphire crystals and substrates for LED and RFIC applications and pastes for solar cell metallization. Monocrystal exports about 90 percent of its production to clients in more than 20 countries. It is a part of a larger industrial group in Russia, Energomera. For more information, visit www.monocrystal.com.
About Concern Energomera
Energomera manages a diversified portfolio of growing market-leading businesses that operate in Russia and globally. The company’s electrotechnical business dominates Russian electricity metering market and enjoys over one third market share by manufacturing and selling meters and metering solutions to most of Russian utilities. Energomera’s electronic materials business is the world’s leading provider of sapphire products and metallization pastes to semiconductor, optical, and photovoltaic industries, and the company’s agricultural business was named among the top three Russian grain producers in 2008. To know more about Energomera, visit www.energomera.ru.
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit www.ifc.org.