(Ecofin Agency) - 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.