Istanbul, Turkey, 11 July, 2018—IFC,
a member of the World Bank Group, is providing a $100 million financing
package to Yapi Merkezi Holding, the parent company of Turkish construction
company Yapi Merkezi Insaat ve Sanayi (YMI), to support the company’s
expansion and boost the construction of transport infrastructure in challenging
markets.
The three-year term package
comprises a $75 million euro and USD equivalent loan from IFC’s own account,
and a $25 million euro equivalent syndicated loan from Akbank AG under
IFC’s B-loan structure. The financing will provide YMI with working capital
to allow the completion of transport infrastructure projects in Sub-Saharan
Africa, the Middle East and North Africa, and Turkey, and support the company’s
expansion in these markets.
Başar Arıoğlu, Yapı
Merkezi Construction and Industry Inc. Chairman, said: “Our objectives
and values of doing business are well aligned with IFC. We believe this
financing will enable us to better serve our customers and develop more
key infrastructure projects in the region and beyond.”
Annual
infrastructure investment needs in Africa are estimated at $93 billion,
but actual investments average only less than half of that amount. Yapi
Merkezi is building a total of 950 kilometers of railway in Sub-Saharan
Africa, which will
be instrumental in increasing exports for commodities such as gold and
coffee. The company is also building railways, tramways and metro systems
in MENA, including the world’s longest span suspension bridge in Turkey.
“One of our priorities
in Turkey is to support the global expansion of strong, competitive Turkish
companies,” said Carsten Mueller, IFC’s Regional Industry Head for Manufacturing,
Agribusiness and Services in Europe, Middle East and North Africa. “YMI
has a proven track-record in investing in challenging construction markets
in Africa and MENA, as well as in Turkey, which will help pave the way
for increased private sector investments and close the infrastructure investment
gap.”
Over the past decade, IFC has invested
more than $12 billion in 350 projects supporting urban development, in
more than 60 countries.
About IFC
IFC —a sister organization of the World Bank and member of the World Bank
Group— is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org.
Stay Connected
www.ifc.org/lac
www.twitter.com/IFC_LAC
www.facebook.com/IFCwbg
www.twitter.com/IFC_org
www.youtube.com/IFCvideocasts
www.instagram.com/ifc_org
www.ifc.org/SocialMediaIndex
|