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IFC Invests in Leading Plastic Maker, Helping Create Jobs in Egypt


In Cairo:
Riham Mustafa
Phone: +20 2 2461 4230

E-mail: RMustafa@ifc.org


In Istanbul:

Basak Ulgen

Phone: +90 212 385 3075

E-mail:
BUlgen@ifc.org



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 developing economies."


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 cross-border trade.


About IFC

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
www.ifc.org.

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.

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