EBRD provides financing to Belarusian medical equipment producer
MINSK, 29 October (BelTA) – The European Bank for Reconstruction and Development (EBRD) has provided funding to a Belarus-based manufacturer of medical equipment, BelTA learned from the Bank.
“A seven-year EBRD loan will enable the Medin Group, one of the world’s top ten producers of operating tables, to build up its production capacities more than twice. The Bank is set to lend up to € 4.16 million to the company for the purchase of the equipment needed to process its own metal sheeting, which is vital for manufacturing operating tables, which are the company’s main product,” the bank informed.
Thanks to the long-term loan the Belarusian company will be better positioned to meet a growing demand for operating tables, driven mainly by the modernization of the state-run health systems in Russia, Belarus, Kazakhstan and Ukraine as well as the expansion of private medical care. Some 85% of the company’s products are sold abroad in over 20 countries.
"We are impressed by the quality of Medin Group’s management and the professionalism of its engineers, as well as by what Belarus’ private sector has managed to achieve on the world market of medical equipment. We think the company shows great potential and participation in this project will enable the EBRD to support the Belarusian company in its efforts to provide customers with up to date medical technology,” said Francis Delaey, the head of the EBRD representative office in Belarus.
Operating tables consist of up to 1,000 parts, each of which must be certified because of high safety requirements. RECIF Technolognies Bel LLc, which is part of the Medin Group, was the first company in Belarus to obtain EN9100 certification, a management standard for the aviation industry. The Medin Group also has ISO-9001 and ISO-13485 management certificates.
“Few Belarus firms can afford investments into the cutting-edge equipment and technology because foreign currency loans are hard to get and local currency loans are too expensive. We are very glad to have this possibility thanks to cooperation with the EBRD. During our negotiations the Bank showed considerable flexibility and readiness to meet clients half-way,” said Andrei Yeliseyev, chairman of the Medin Group.
The Medin Group was established in 2000. The Group manufactures and sells operating tables, gynecological chairs and cabinets for hospitals and pharmacies.
The European Bank for Reconstruction and Development (EBRD) was established in 1991 and is one of the largest investors in the region of Central and Eastern Europe and the CIS. The EBRD provides loan and equity finance, guarantees, leasing facilities and trade finance. The Bank invests only in projects that could not otherwise attract financing on similar terms. Through donor funds the EBRD mobilizes investment capital and expertise by giving local business access to consultant experts. The Bank invests mainly in the private sector, usually together with commercial partners. Belarus joined the EBRD in 1992.