Support The Moscow Times!

Syzran Plant Gets Loan

The European Bank for Reconstruction and Development will arrange long-term financing of up to 35.5 million euros ($45.26 million), of which up to 7 million euros will be denominated in rubles, for Glemarco, Pilkington’s East and the Syzranskaya Keramika plant in Syzran, Samara region. All three are wholly owned by Polish entrepreneur Michal Solowow.

Syzranskaya Keramika needs improvements to benefit from the fast-growing demand for sanitary ware in Russia.

As part of the deal, the joint borrowers will closely cooperate with Rovese (formerly Cersanit), a Poland-based sanitary ware and ceramic tiles producer, listed on the Warsaw Stock Exchange and also controlled by Michal Solowow. Rovese has a strong presence in Eastern Europe and is an established client of the EBRD. 

(MT)


… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more