SEF Teteks A.D.

completed

Summary Of Project Information (SPI)Project NameMacedonia-Teteks A.D.     RegionEuropeSectorProject No007646Projected Board DateMay 30, 1997Company NameTeteks A.D.Technical Partner and/or Major Shareholders None.Project Cost Including proposed IFC investment The project cost would be US$3.8 million including a senior loan of US$1.5 million equivalent for IFC’s own account under the Small Enterprise Fund (SEF) program.Location of project and Description of site The project will be located in Tetovo, 35 km west of Skopje. Tetovo is a town of around 50,000 inhabitants and Teteks A.D. is the largest employer in the area with around 4,500 workers and employees. Tetovo can easily be reached from Skopje via major roads. Description of Company and Purpose of Project The project is a US$3.8 million modernization of the Company’s existing textiles divisions. The project would comprise the first phase of a more comprehensive expansion and modernization program. This first phase consists of assisting the Company in undertaking urgent investment needs towards improving its competitiveness. Teteks A.D. is Macedonia’s most competitive textiles company with over US$30 million in annual revenues of which about US$15 million are exports. Environmental Category and Issues This is a category B project according to IFC’s environmental review procedure. Environmental issues include air emissions, liquid effluents, and solid waste disposal. Occupational and safety issues include exposure to high temperatures and potentially hazardous aerosols and protection from noise and dust. The results and recommendations of an independent Environmental Audit have been incorporated by the Company, with IFC’s assistance, into an Environmental Action Plan. The Company will comply with World Bank guidelines as part of the project, which is expected to have a positive environmental impact in the town of Tetovo.The is from the Public Information Center.Date SPI sent to PIC April 30, 1997For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).