EBRD to bankroll Cersanit's EUR 46m Ukraine project?

The company has already filed an application for a loan amounting to EUR 46.8 million from the European Bank for Reconstruction and Development (EBRD). "The board will meet on July 25 and will make a final decision about the loan," informed Axel Reiserer from the EBRD London communications department. Cersanit claims that the EBRD loan is only one option. "We are analyzing various scenarios of financing the investment, including the one with the participation of the EBRD," stated Dariusz Ptak, the manager of the capital market division at Cersanit. Cersanit Invest, a subsidiary of Cersanit, is building two factories in Ukraine where its wants to produce ceramic bathroom fittings and tiles. "Investment in Ukraine is an excellent idea since the company exports a significant part of its production to Ukraine and Russia and in the case of ceramic products the high transport costs are important," commented a CDM Pekao analyst Sylwia Jaskiewicz. (Puls Biznesu, pp, 1, 10) E.B.