OREANDA-NEWS. On 19 May 2009 was announced, that Belarus’ ZAO Pinskdrev, the country’s largest furniture maker, hopes cooperation with the European Bank for Reconstruction and Development (EBRD) will start this year, Pinskdrev CEO Loran Arinich told.

“We still hope we will fix our contacts with the EBRD in a contract this year,” Arinich said.

Pinskdrev had been in talks over strategic cooperation with the EBRD for eight years now. An interim partnership agreement has been signed.

Last year, specialists with the EBRD prepared the final conclusion regarding the bank’s equity contribution to Pinskdrev. “The estimate was positive, and Belarus supervisors told us we would be welcome. We hope we will see positive shifts soon,” he added.

Pinskdrev hopes the bank will make an equity contribution to acquire a stake. Also, the Belarusian producer suggests that the EBRD extend loans amounting to 10 million euros.

“It is an essential project for us, because loans are too costly now,” Arinich said.

Pinskdrev plans to invest at least 20 billion Belarusian rubles (Br) in development this year. “I have not authorized investments yet, but we see that some of our construction programs will have to be postponed,” Arinich said.

Pinskdrev incorporates 33 productions of upholstered furniture, chipboard, plywood, crossband veneer, timber mill and match-producing factory and employs 6,100 personnel.

Pinskdrev is the largest woodworking company of the country. It was transformed into a closed joint stock company in 2000. Most exports go to Russia, Germany and Kazakhstan.