Tamar Barbakadze, IFC
Phone: +995 32 223 43 00/01/02
Basak Ulgen, IFC
Phone: + (90 212) 385 3000
In Washington, D.C.:
Elizabeth Price, IFC
Phone: +1 202 473-4645
Tbilisi, Georgia, January 12, 2015—IFC,
a member of the World Bank Group, is helping
Georgia’s sole glass bottle manufacturer
and leading employer, Mina, take advantage of favorable market opportunities
and increased demand by expanding its production lines and boosting growth.
IFC is providing a senior loan of $8.5
million and mobilizing a parallel senior loan of EUR 5 million from Rabobank
for Mina’s expansion. The company produces glass bottles for the beverages
market, a priority export sector for Georgia, which currently largely relies
on imported bottles. The investment is set to generate significant corporate
income taxes for the state budget and safeguard jobs in an area with limited
Mina is owned by Anadolu Cam, the glass
packaging arm of Sisecam, a leading Turkish producer of glass products
Guray Alpkaya, CEO of Rabobank AŞ
in Istanbul said: “Rabobank is pleased
to be able to help long-term client Anadolu Cam reinforce its leadership
in the region’s glass manufacturing sector. The company is an excellent
example of supporting regional cooperation, job creation, and economic
The project is also expected to help
enhance Mina’s competitiveness through renovation and equipment upgrades,
along with energy and resource efficiency investments.
“This investment is part of IFC’s
strategy to support sectors where Georgia has comparative advantages and
which have the potential to create jobs, benefit the economy and expand
exports. It also supports South-South investment, which is a strategic
priority for IFC because of its development impact,” said Thomas Lubeck,
IFC Regional Manager for the South Caucasus.
IFC made its first investment in Mina
in 1999 to help increase exports, enhance energy efficiency, and raise
environmental practices to international standards.
Georgia became an IFC member in 1995.
Since then, IFC has invested $810 million in 60 projects across various
sectors and supported regional projects developed in the country. IFC has
also implemented a number of advisory projects focused on the development
of the private sector.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in about 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and boost shared prosperity. In FY14, we provided more than $22
billion in financing to improve lives in developing countries and tackle
the most urgent challenges of development. For more information, visit
Rabobank Group is a Netherlands based,
international financial services provider operating on the basis of cooperative
principles with a predominant focus on providing all finance services in
the domestic market. Internationally the Group's focus is on food and agriculture.
The organisation has approximately
55,000 employees (fte) worldwide
and operates in 40 countries. Rabobank has a long presence in Turkey in
the form of a representative office and from 2014 started operations via
a full banking license.
For more information about Mina,