IFC backs Turkish glass manufacturer with $97.5 million loan
The International Finance Corporation (IFC), the private sector financing arm of the World Bank Group, has signed an agreement to invest $97.5 million equivalent in the Turkiye Sise ve Cam Fabrikalari Group (Sisecam). The investment will assist in the financing of Sisecam's $150 million expansion and modernization program in Turkey.
Sisecam is a Turkish glass manufacturer and exporter. It manufactures a wide range of glass products, including flat glass, mechanical and handmade tableware, containers, glass fiber and chemicals. It was established in 1935 and is one of the principal industrial manufacturing enterprises in Turkey, with a work force of over 12,500 people.
IFC will provide Sisecam with a corporate loan of $97.5 million equivalent, which consists of an A-loan of $60 million equivalent for its own account and a syndicated B-loan of $37.5 million equivalent with ABN AMRO Bank, Citibank, Crédit Lyonnais, Fortis Bank, and Natexis Banques Populaires. The original syndicated B-loan, which was structured as a $30 million equivalent facility, was oversubscribed in the market by $7.5 million equivalent.
The mission of IFC is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses.
Since its founding in 1956 through, IFC has committed more than $34 billion of its own funds and arranged $21 billion in syndications for 2,825 companies in 140 developing countries. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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