Stora Enso and IFC sign a credit agreement
005. Finnish Stora Enso and the International Financial Corporation signed an agreement to allocate a credit of $75 million to Stora Enso, including $50 million allocated by the IFC, $25 million will be sindicated in the Western banks. The sindicated credit will be organized by Nordea Bank
Jun 10, 2005. /Lesprom Network/. Finnish Stora Enso and the International Financial Corporation signed an agreement to allocate a credit of $75 million to Stora Enso, including $50 million allocated by the IFC, $25 million will be sindicated in the Western banks. The sindicated credit will be organized by Nordea Bank
The funds were allocated in order to support the activity Stora Enso is developing in China. The projects include the planting of eucalyptus in the southern province of Guanzhou, as well as investments in the expansion of the mill located in Suzhu.
Stora Enso group of companies produces paper, cardboard, timber-processing goods. The company increased earnings 1.8% to EUR 12.396 billion in 2004, net profits – up 5.4 times to EUR 739.7 million.
In 2004 Stora Enso increased sales 16% to EUR 151.8 million in Russia.