EBRD looks to invest $20 million in Russian Michelin plant

MOSCOW - The European Bank for Reconstruction and Development is considering $20 million in equity financing to help French tire producer Michelin set up production outside Moscow, the bank said Tuesday.

A spokesman for the bank told Reuters the Michelin venture would be a greenfields project. A notice on the bank's Web site said it would be set up in the town of Davydovo outside Moscow. The total cost of the project was not disclosed.

The spokesman said the EBRD financing proposal already had internal approval and would go to the bank's board around Dec. 18 for approval.

The notice said the proposal required an environmental analysis, which had been commissioned by Michelin. It said Michelin would meet European Union and Russian environmental, health and safety standards.

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