Istanbul, Turkey, November 11, 2013 — IFC, a member of the World Bank
Group, is providing a $35.5 million loan to Elif Plastik, Turkey’s largest
supplier of flexible plastic packaging, helping the company expand into
Egypt, creating jobs, improving local know-how, and bolstering supply chains.
The investment will help the company, which makes flexible plastic packaging
for consumer goods like food, cleaning materials, and personal hygiene
products, build a modern factory in Egypt. Some $15.5 million of the loan
will go toward the plant, Elif Plastik’s first international expansion,
while $20 million will help fund the company’s operations. The new plant
will be able to produce 15,000 tons of flexible plastic packaging annually.
"We plan to expand into Egypt and other countries in the Middle East,
and make the new plant a hub for Elif Plastik’s operations in the region,"
said Selcuk Yarangümelioğlu, Managing Director of Elif Plastik. "We
look forward to developing a long-term partnership with IFC to further
expand in the region and increase our company’s competitiveness."
The investment is part of a wider IFC effort to encourage economic development
in Egypt by supporting the country’s private sector and to support leading
regional companies as they expand into Egypt, helping to create jobs and
to strengthen the country’s economic integration with Europe, and the
rest of the Middle East and North Africa.
“This investment fits with our strategy of boosting confidence in Egypt's
private sector, a major contributor to employment,” said Nada Shousha,
IFC Country Manager for Egypt. “At the same time we are helping a Turkish
company expand in the region, promoting cross-border investment between
During fiscal year 2013, IFC committed $276 million in Egypt across five
projects. That brought IFC's total commitments since 2011 close to $1 billion,
including $303 million mobilized from other investors.
IFC has been investing in Turkey’s private sector for nearly 50 years.
In fiscal year 2013, IFC delivered a record $985 million in 20 projects,
supporting smaller businesses, renewable energy projects, energy efficiency,
energy security, healthcare, education, infrastructure development, and
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit
About Elif Plastik
Continuously improving its service and quality standards after its establishment
in 1972, Elif Plastik became the largest Turkish supplier of flexible plastic
packaging for consumer goods with a leading position in the domestic market
and strong presence in export markets. With a 110,000-square-metre factory,
one of the world’s biggest, Elif Plastik has a production capacity approaching
50,000 tons per year. With headquarters in Turkey and offering services
to many major brands, both domestic and global, Elif exports in excess
of 50 percent of its production to more than 50 countries worldwide. For
more information, visit www.elifplastik.com.tr.