Finance

IFC signs first investment deal with Turkish Sisecam in Egypt

IFC signs first investment deal with Turkish Sisecam in Egypt
Friday, 19 February 2021 09:31

Pasabahce Egypt, the subsidiary of Turkish glassware and glass packaging producer, Sisecam is eligible for a $30 million financing from the International Finance Corporation (IFC), the private sector arm of the World Bank Group in emerging countries. The facility consists of a long-term loan of up to $20 million and a short-term credit of $10 million.

This project with our long-term partner Sisecam Group reflects IFC’s continued and deepening commitment to Egypt’s private sector as it navigates the COVID-19 pandemic. Manufacturing companies like Pasabahce Egypt that provide stable jobs are key to ensuring long-term, inclusive economic growth in Egypt,” said Walid Labadi (pictured), IFC’s country manager for Egypt, Libya and Yemen.

This support comes at a critical time when covid-19 has disrupted global supply chains and production, and also weakened consumer confidence and demand for glass products.

The IFC, which is carrying out its first engagement with the Sisecam Group in Egypt, will support its partner in the modernization of its glass production plant. Pasabahce Egypt will set up an improved production facility and continue its development in the country.

Chamberline Moko

On the same topic
• Bassirou Diomaye Faye denounces credit rating agencies’ methodologies as ill-suited to African contexts.• Senegal urges reforms to enable fairer...
(AfDB)-The Board of Directors of the African Development Bank Group has approved a $474.6 million loan for South Africa's Infrastructure Governance...
New card enables African payments without using US or European networks Aims to lower costs, protect financial data, and boost intra-African...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société Générale Burkina Faso (SGBF).•The move is part of...
Most Read
01

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
02

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
03

• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...

Gates Foundation Pledges $1.6 Billion to Gavi to Boost Global Child Vaccination
04

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
05

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.