EBRD to finance paper production in Albania

Nov 27, 2008. /Lesprom.com/. The European Bank for Reconstruction and Development (EBRD) is making an equity investment of Euro 2 million in Edipack Sh.a, the only paper-producing company in Albania, to support the company’s plans to install recycled paper production line and establish waste paper recycling networks throughout Albania, EBRD said. The Bank’s funds will be used by the company to diversify and expand its products and services. The newly installed paper production line and waste paper recycling network complements the existing facilities for production of corrugated cardboard and cardboard packages. Edipack plans to expand the product range to new products, in particular for packaging and shipment of agricultural products from Albania. Edipack will install waste-paper bins in areas of large use, such as shopping malls, warehouses of importers (especially of vegetables and fruits), ministries, municipalities, universities and printing houses. Bardhyl Ballteza, Edipack’s Chairman said: “EBRD’s investment will help ensure Edipack meets its goals of reducing the cost of raw materials, through the establishment of a collection network, and increasing revenues by expanding the variety of final products.” Dan Berg, the Head of EBRD’s Office in Albania, noted: “Not only is this investment good for business, but we hope it will help change attitudes toward recycling in Albania. The investment with Mr. Ballteza, who is also President of the Albanian Recyclers Association, should stimulate other companies to look for opportunities to recycle waste into profits.” Edipack, which is located in Porto Romano near Durres has been producing corrugated cardboard and cardboard boxes since 2003. It is the largest Albanian producer of cardboard materials, although most cardboard materials are still imported to Albania. Besides producing its own boxes, the company sells corrugated paper as an intermediate product to other local packaging producers. The EBRD is the largest institutional investor in Albania, having invested more than Euro 400 million in a number of important sectors, including national infrastructure, the financial sector and the private corporate sector.