LONDON, UNITED KINGDOM, Oct. 18--The International
Finance Corporation (IFC) today signed a DM108 million loan agreement with
the Sisecam Group of Turkey to assist in the financing of a US$334 million
equivalent expansion and modernization program.
Sisecam is a leading European producer of a wide range of glass products,
including flat glass, mechanical and handmade tableware, containers, glass
fibre and chemicals. The IFC financing will support a major investment
program at Mersin in South Eastern Anatolia, involving construction of
a new float glass line, a new tableware line and expansion of Sisecam's
existing container capacity in Anadolu Cam Sanayii A.S. A part of the financing
will also support the construction of a captive power plant to supply electricity
to Trakya Cam Sanayii A.S. (float glass) and Kirklareli Cam Sanayii A.S.
(mechanical tableware), located at Kirklareli, Thrace, in Western Turkey.
Finally, the financing will support a major modernization and expansion
of Cam Elyaf Sanayii A.S.'s glass fibre production capacity at Cayirova.
The expansion of Sisecam's capacity is required to meet the rapid growth
in domestic Turkish demand and to maintain Sisecam's established export
IFC is providing DM46 million on its own account and has arranged a syndicated
loan aggregating DM62 million with Berliner Bank, Credit Lyonnais, Union
Bank of Switzerland, WestLB Group, Banque Francaise du Commerce Exterieur
and Morgan Guaranty Trust Company.
IFC's Europe Department Manager responsible for Turkey, Mr. Khosrow Zamani,
noted that " in addition to supporting an important and competitive
Turkish industrial producer - thereby contributing to exports and overall
economic stability - IFC's investment will help generate employment (estimated
at about 900 new jobs) centred on a relatively less developed region of
IFC is a member of the World Bank Group and is the leading multilateral
source of equity and loan finance for private sector projects in the developing