Belarus: The World Bank’s International Finance Corporation (IFC) participating in privatization of a brewery in Belarus. IFC is investing about US$ 3 million in modernization of Dednovo Brewery in Belarus, controlled by Detroit Investment; and is lending around US$ 7 million to Detroit Belarus Brewing Company (DBBC, a structure of Detroit Investment). In return IFC will receive 20% of the parent company. Dednovo is to be reequipped completely. The brewery used to be the second largest beer maker in Belarus with a production capacity of 36 million litres per annum, however, in autumn 2002, it stopped the production process. After reequipment, the plant should produce 500,000 hectolitres of beer for the Belarus market, Russian Beer Union posted on July 5.

The volume of Belarus beer market is estimated at about 3 million hl of beer, while the Russian one is estimated at about 75 million hl per year.

Cyprus’ company Detroit Investment besides DBBC is controlling Vinorum and Ivan Taranov Breweries.

09 July, 2004