Press Releases
print

IFC Supports Turkish Packaging Producer Receives $20 Million From IFC


In Washington, D.C.:
Carmen Powell
Phone: +1 (202) 473-4982
Email: cpowell@ifc.org

In Belgrade:
Slobodan Brkic
Phone: +381 11 3023 750
Email: sbrkic@ifc.org


Washington D.C., June 29, 2007—IFC, the private sector arm of the World Bank Group, has signed an agreement with Sarten, Turkey’s largest manufacturer of metal and plastic packaging, to modernize its plant.  The $20 million loan will help the company upgrade its equipment and streamline its operations, reducing bottlenecks and increasing efficiency.

Zeki Saribekir, CEO of Sarten, said, “Our investment program supports our strategy to continue improving the quality of our products and the level of service we provide to our clients. We are pleased that IFC will support us on this program.”

Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said, “Sarten’s investment program will help strengthen Turkey’s packaging industry and have a significant developmental impact in the country.”

Dimitris Tsitsiragos, IFC Director of Global Manufacturing and Services, said, “Sarten has achieved impressive results in establishing itself as a leader in the domestic and regional packaging industry.  This is the result of the company’s strong corporate culture based on client responsiveness and commitment to quality.”

About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries.  IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit www.ifc.org.

IFC has been active in Turkey for more than 40 years, with cumulative investments amounting to over $2.7 billion. IFC has a well-diversified portfolio across a range of industrial and financial sectors.

About Sarten
Sarten began operations in 1972 as a small plant in the town of Corlu, Turkey. Owned by the Saribekir family, it supplied tin pails to local sunflower oil producers. During the 1970s and 1980s, the company increased the range of its tin products. In the early 1990s, it diversified into plastic containers. Since 2000, Sarten has expanded its business, while increasing its export sales to neighboring markets in the Balkans and the Middle East and North Africa. Sarten is growing dynamically and is managed by a company that runs nine factories in Turkey. For more information, please visit www.sarten.com.tr.