Istanbul, Turkey, August 17, 2016—IFC,
a member of the World Bank Group, is providing a $55 million loan to Assan
Aluminum, a subsidiary of Kibar Holding and a leader in flat-rolled aluminum
products in Turkey, to support the company’s modernization, boost energy
efficiency and spur growth.
IFC’s investment will help Assan, one of Turkey’s biggest exporters with
a 70 percent export rate, refinance a recently acquired scrap recycling
plant, modernize two existing furnaces, and install five new furnaces,
as well as improve overall plant maintenance and energy efficiencies. Assan
is expected to reduce energy and water consumption and improve its overall
international competitiveness as a result.
“As one of Turkey’s leading exporters, our vision is to become a market
pioneer in Europe,” said Dr.Tamer Saka, CEO of Kibar Holding. “Working
with IFC, our strategic long-term partner, will help Assan achieve this
objective, while enabling us to sustain our growth strategy and make new
investments to increase our international presence and competitiveness.”
IFC has supported Assan’s growth since 1994 by extending $220 million
in senior loans and syndicated long-term financing. These investments have
helped Assan increase production capacity, boost efficiency and increase
its international presence as one of Turkey’s leading exporters of value-added
“Helping our long-term clients like Assan become more competitive and
expand internationally is an important part of IFC’s Turkey strategy,”
said Carsten Mueller, IFC Regional Industry Head of Manufacturing, Agribusiness
and Services in Europe, the Middle East and North Africa. “Such investments
help boost Turkey’s export potential, while also enabling Turkish firms
to become regional and global players.”
IFC’s work in Turkey is based on a joint country partnership strategy
(CPS) from 2012 to 2016. Its key objectives are enhanced competitiveness
and employment, improved equity and public services, and deepened sustainable
Turkey is the second-largest country of operations for IFC globally and
hosts its largest office outside Washington DC. In fiscal year 2015, IFC
invested $1.8 billion in Turkey.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with 2,000 businesses worldwide, we use our six decades of experience to
create opportunity where it’s needed most. In FY15, our long-term investments
in developing countries rose to nearly $18 billion, leveraging our capital,
expertise and influence to help the private sector end extreme poverty
and boost shared prosperity. For more information, visit www.ifc.org.
About Assan Aluminum A.S.
Established in 1988, Assan Aluminum is a leading manufacturer in the flat-rolled
aluminum sector, producing flat rolled products (coil, sheet and foil).
Operating as a subsidiary of Kibar Holding, Assan Aluminum accounts for
more than half of the flat rolled aluminum production in Turkey and exports
to more than 70 countries around the world, particularly developed Western
markets and offers logistics advantages utilizing warehouse facilities
in various countries to provide high level of customer service. For
more information, visit www.assanaluminyum.com.