Istanbul, Turkey, September 06, 2001—The
International Finance Corporation, the private sector arm of the World
Bank Group, has signed an agreement to invest US$35 million in the Sise
ve Cam Group, a leading Turkish glass manufacturer and exporter.
Khosrow Zamani, Director of IFC's Southern Europe and Central Asia Department,
said the investment reflects IFC’s continued support for Turkey’s private
sector. “IFC’s support is particularly important now since other capital
inflows to the country have been greatly reduced and the local banking
sector is going through a process of reform,” he said. “IFC’s
investment will help Sise ve Cam increase export revenues at a time when
the domestic market has been contracting,” he added, noting that “by
helping Sise ve Cam increase its exports, we are contributing to the image
of quality-based Turkish products in global markets.”
Sise ve Cam Group is comprised of Turkiye Sise ve Cam Fabrikalari A.S.
(the holding company) and 28 affiliate/subsidiary companies. The
Group was established 65 years ago in Turkey and is one of the principal
industrial manufacturing enterprises in the country, with a workforce of
over 12,500 people. IFC has a well established relationship with
the Group and will provide them with a corporate loan of $35 million under
IFC’s Country Manager for Turkey, Sujata Lamba, said “the loan will enhance
the capital structure of the company and improve its liquidity by altering
its debt profile.” She also noted that “IFC is pleased to be associated
with a company that embraces the latest technology, serves as a key employer
in the country and uses local raw material to generate important foreign
Turkey is an important country for IFC, the fourth largest exposure accounting
for about 4.5% of IFC’s global portfolio. IFC’s held portfolio,
including amounts mobilized from commercial banks, is close to $1 billion.
IFC’s program for Turkey continues to be active with investments
in projects of about $400 million. Sise ve Cam is IFC’s fourth investment
in the manufacturing sector since July 2001.
The mission of IFC, part of the World Bank group, is to promote sustainable
private sector investment in developing countries as a way to reduce poverty
and improve people’s lives. IFC finances private sector investments
in emerging markets, mobilizes capital in the international financial markets
and provides technical assistance and advice to governments and businesses.