Press Releases

IFC Invests US$35 Million in Turkish Manufacturer of Glass Products

Ilker Cetin
Phone:  (90-212) 282-4001

Fax:  (90-212) 282-4002

Afshin Molavi

Phone:  (202) 458-5674

Fax:  (202) 974-4384

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 this investment.

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 exchange earnings.”

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.

Sise ve Cam