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.”
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
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.