VMG Mogilev (EBRD-49912)

Countries
  • Belarus
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
VMG INDUSTRY FLLC
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 58.56 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 50 million
Converted using 2018-07-30 exchange rate.
Project Cost (USD)
$ 58.56 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 50 million
Converted using 2018-07-30 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 31, 2019

Disclosed by Bank May 18, 2018


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Project Description

The long-term senior loan of up to EUR 50 million to VMG Industry FLLC, a foreign limited liability company domiciled in Belarus, to finance the capacity expansion programme at its plant in Mogilev, as well as to partly refinance its existing debt portfolio.

The proposed facility will support the investment programme carried out by VMG at its particleboard and furniture plant in Mogilev. The proceeds from the EBRD loan will be allocated towards CapEx focusing on the capacity increase in its furniture manufacturing facility, improvement of competitiveness, energy efficiency and environmental performance.

 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors
  • VMG INDUSTRY FLLC -- Implementing Company

VMG Industry FLLC, a foreign limited liability company domiciled in Belarus, active in the woodprocessing sector (particleboard and furniture manufacturing).

VMG Industry FLLC is part of VMG Group of companies, one of the largest Lithuanian groups engaged in wood processing (particleboard and furniture production) and related activities.

Contact Information

Company Contact Information

Ingrida Mikenaite
ingrida.mikenaite@vmg.eu
+370 46 469 423
www.mediena.lt
Liepu str. 68, LT-92100 Klaipeda, Lithuania

Business opportunities

For business opportunities or procurement, contact the client company.

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Text of the PIP

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.