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.
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