Finance package for Egyptian tableware plant
IFC, a member of the World Bank Group, has agreed a financing package for glassware manufacturer Pasabahce Egypt for Glass Manufacturing SAE to help the company boost exports, introduce cleaner production practices and create jobs.
Pasabahce Egypt will upgrade its production facility outside Cairo and introduce efficiencies to cut natural gas and electricity consumption by more than half. The funding is also expected to allow the Sisecam subsidiary to create about 330 new direct jobs in engineering, production and quality control, plus more than 100 indirect jobs.
Pasabahce Egypt mainly serves markets in the Middle East, Turkey and the USA. IFC's $30 million financing package includes a long-term loan of up to $20 million and a shorter-term loan of $10 million.
"IFC's support and financing will help us expand into the region with an upgraded production facility complemented with increased capacity and higher value-added production” said Professor Dr Ahmet Kırman, Vice President and CEO of Sisecam Group. “It will also increase the availability of high quality glass production in Egypt, while promoting cleaner, more efficient production practices."
"This project with our long-term partner Sisecam Group reflects IFC's continued and deepening commitment to Egypt's private sector as it navigates the Covid-19 pandemic" said Walid Labadi, IFC's country manager for Egypt, Libya and Yemen. "Manufacturing companies like Pasabahce Egypt that provide stable jobs are key to ensuring long-term, inclusive economic growth in Egypt."