IFC provides sapphire maker Monocrystal with $10 M loan
Financing from the IFC will enable Monocrystal to expand its production capacity for large-diameter sapphire crystals used in LED manufacturing.
The five-year loan will allow Monocrystal, based in Stavropol, Russia, to expand its manufacturing capacity in response to the growth rates in the LED and renewable energy markets.
Monocrystal’s product portfolio includes large-diameter sapphire crystals and substrates for LED and RFIC applications, as well as pastes for solar-cell metallization. The company exports about 90 percent of its production to clients in more than 20 countries. It is a part of Energomera, a larger industrial group in Russia.
"IFC participation will help us enhance our capabilities and competitiveness in the expanding global LED and solar markets," said Vladimir Polyakov, President and Founder of Concern Energomera, parent company of Monocrystal.
"IFC will also support our efforts in developing internal policy and practices in environmental and social responsibility in compliance with IFC’s performance standards.”
“Promoting hi-tech and energy efficiency is one of our main priorities in Russia”, said Snezana Stoiljkovic, IFC director for Central and Eastern Europe. IFC is a member of the World Bank Group.
“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.”