IFC is providing $30mn financing package to glassware manufacturer Pasabahce Egypt

By bne IntelliNews February 17, 2021

The IFC is providing a $30mn financing package to leading glassware manufacturer Pasabahce Egypt for Glass Manufacturing to upgrade its glassware production facility outside Cairo and introduce efficiencies to cut its natural gas and electricity consumption by more than half. The financing package mainly consists of a long-term loan of up to $20mn and a short-term loan of $10mn for Pasabahce Egypt to enable the upgraded production facility, complemented by increased capacity and higher value-added production, to better serve markets in the Middle East, Turkey and the United States.

Pasabahce Egypt is a subsidiary of Turkey’s Sisecam Group, a global actor in business lines including flat glass, glassware, glass packaging and glass fibre, as well as sodium and chromium chemicals. Sisecam, which is globally one of the two largest producers of glassware and one of the five largest producers in glass packaging and flat glass today, is the world's eighth largest sodium producer as well as the world leader in chromium compounds.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

US calls Vienna nuclear deal talks “constructive” while Iran talks of moving on to details

The US and Iran appear to have edged closer to an agreement that would see a revival of the 2015 nuclear deal. Indirect talks in Vienna last week—in which European diplomats shuttled between the ... more

Saudi ACWA Power completes financing of thermal power project in Uzbekistan

Saudi Arabian ACWA Power has announced the financial close for the construction of a new thermal power plant (TPP) in Uzbekistan's Syrdarya region, the Uzbek Energy Ministry said on March 15. The ... more

EBRD backs $0.5bn extension in Green Climate Fund partnership

The European Bank for Reconstruction and Development (EBRD) has approved additional headroom for the next phase of its large-scale partnership with the Green Climate Fund (GCF). An ... more

Follow Us On

Feedly logo Follow on Feedly

Most Read

  1. Will Belarus merge with Russia this week?
    2 days ago
  2. Poland deploys troops close to Belarusian border in response to crackdown on Polish minority
    8 days ago
  3. TRENIN: Russia-Ukraine war alert – what’s behind it and what lies ahead?
    8 days ago
  4. Azerbaijan fires info war salvo against Russia
    2 days ago
  5. Turkey’s descent into coronavirus hell
    1 day ago
  1. Will Belarus merge with Russia this week?
    2 days ago
  2. Poland deploys troops close to Belarusian border in response to crackdown on Polish minority
    8 days ago
  3. OBITUARY: Petr Kellner, Central Europe's great dealmaker
    23 days ago
  4. TRENIN: Russia-Ukraine war alert – what’s behind it and what lies ahead?
    8 days ago
  5. Army sent into Tirana airport after strike grounds all flights
    13 days ago

Reports

Dismiss