EBRD to fund Continental’s Kaluga Unit


The European Bank for Reconstruction and Development (EBRD) approves an 8-eight loan worth 90 million Euros to Continental’s plan in Kaluga to encourage the company to improve recycling.



The Germany-based tyre maker Continental will use the loan to meet consumers’  demand for quality tyres according to the bank. A speaker from the bank also said that the company grossed 4 billion Euros in 2011, selling 54 million units.



But, the domestic market generates 1.1 million numbers of old tyres annually and only 10% of it are recycled.



“This huge gap highlights the urgency of strengthening Russia’s draft law on industrial and consumer waste to ensure it gives tire producers the responsibility for waste management rather than relying on financial incentives to solve this growing problem,” the bank said. (RJA)