Istanbul, Turkey, May 21, 2008—IFC,
a member of the World Bank Group, is supporting the expansion of the Posuda
glassware plant in the Nizhny Novgorod region of Russia. This will help
reduce the country’s reliance on imported glass products and generate
more employment opportunities.
IFC’s $40 million loan to Turkey’s Sisecam Group, owner of Posuda, will
help the company build a new furnace with a glass pulling capacity of 120
tons per day at five production lines. This is expected to increase Posuda’s
capacity from 81 million to 179 million pieces of glassware a year. The
total value of the project is $81 million.
“This transaction underscores our long-standing relationship with IFC
and our shared commitment to investing in emerging markets,” said Dogan
Arikan, President and Chief Executive Officer of Sisecam Group. “Russia’s
glassware market is still dominated by imports, and we hope to change that
by expanding Posuda’s capacities.”
“The project will help Posuda consolidate its position in the Russian
market by boosting production of high-quality products, while creating
employment opportunities in Nizhny Novgorod,” said Shahbaz Mavaddat, IFC
Director for Southern Europe and Central Asia.
"IFC is pleased to support the Sisecam Group in a series of South-South
investments, and the Posuda project is the first in the glassware segment
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that poor people should have the opportunity to escape poverty
and improve their lives. In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through syndications and structured finance
for 299 investments in 69 developing countries. IFC also provided advisory
services in 97 countries. For more information, visit www.ifc.org.
About the Sisecam Group
The Sisecam Group is a long-standing client that IFC helped grow from a
local company in the 1970s to a major exporter in the 1980s. The company
is a regional player now, with investments in Bosnia and Herzegovina, Bulgaria,
Georgia, and Russia. For more information, visit www.sisecam.com.