Displaying items by tag: European Bank for Reconstruction and Development
European Bank for Reconstruction and Development extends loan to US$65m for Senj Sant cement plant
01 May 2014Mongolia: The European Bank for Reconstruction and Development (EBRD) is extending a US$65m loan to Senj Sant to build a cement plant as part of a financing package dating from May 2013, which included a US$20m equity investment. Construction at the 1Mt/yr plant situated in southern Mongolia began in April 2013
"The EBRD's long-term finance, including equity, not only helps us build the first cement plant in Mongolia using the environmentally-friendly dry process, but also supports the company in raising business standards to international levels," said
CEO of Monpolymet Group, Munkhnasan Narmandakh. Senj Sant is a subsidiary of Monpolymet Group.
European Bank for Reconstruction and Development lends US$20m for Mongolian cement plant build
15 May 2013Mongolia: The European Bank for Reconstruction and Development (EBRD) has signed an agreement to provide a US$20m equity investment to Senj Sant, which will build and operate a 1Mt/yr green-field cement plant in Mongolia. This equity investment is part of a financing package that also includes a loan of up to US$130m. Half of the loan will be syndicated to other lenders.
"This investment marks a milestone in our activities in Mongolia. Not only is the volume of funds we are providing significant but it also signifies an important step in the diversification of the local economy," said EBRD First Vice President Phil Bennett.
Mongolia's economy grew by 17% in 2011. The new Senj Sant plant will be located in southern Mongolia about 450km from the capital Ulaanbaatar in a strategic location to supply cement and clinker to nearby large mining projects. Mongolia's Monpolymet Group owns Senj Sant.