| Project Detail |
MIGA extended and increased coverage on its guarantee to CANPACK S.A. of Poland covering its existing investment in CANPACK Ukraine LLC. The project involves the operation of an aluminum can production complex in Ukraine. The facility uses highly automated processes and state-of-the-art equipment to manufacture aluminum cans for beverage packaging.
MIGA has supported this project since September 2003, extending coverage several times, making it the Agency’s longest-standing project. With this extension, MIGA increased coverage of the existing investment from $20.7 million to $25.7 million and extended the guarantee period by 15 years. The guarantee as extended covers the same risks as in the original guarantee, other than Transfer Restriction.
CANPACK Ukraine LLC, is the largest supplier of beverage cans in Ukraine, and its parent company, CANPACK S.A., is the third-largest in Europe, and the fourth-largest worldwide.
MIGA’s support for the project will provide critical risk mitigation and will allow CANPACK to continue operating at full capacity, providing support for and demonstrating commitment to its employees, consumers, and suppliers.
The project is aligned with the low-carbon development goals of the Paris Agreement, and through the implementation of a climate change action plan, CANPACK has committed to align the project with the adaptation and resilience goals of the Paris Agreement. The project uses recycled aluminum in the production process, and CANPACK’s sustainability strategy aims to use renewable energy in factory operations and low carbon technologies as well.
MIGA’s coverage is facilitated by the Support to Ukraine’s Reconstruction and Economy Trust Fund (SURE TF), international donor funding administered by MIGA and dedicated to the humanitarian response in Ukraine.
MIGA’s continued support for the project is consistent with Pillar 2 of the World Bank Group Fragility, Conflict and Violence Strategy 2020-2025, “Remaining engaged during conflicts and crisis situations to preserve hard-won development gains, protect essential institutions, build resilience and be ready for future recovery.” |
