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.
Related Articles
Iraq holds talks with Excelerate Energy on buying first LNG from US
Iraq is in the final stages of negotiating its first-ever purchase of LNG supplies as power outages hamper the Middle East country, Bloomberg reported on June 26. Dallas-headquartered Excelerate ... more
Reformist Kamil al-Tayeb Idris appointed as Sudan’s new Prime Minister
Sudan’s Sovereign Council head, Abdel Fattah al-Burhan, issued a constitutional decree on May 19 appointing Kamil al-Tayeb Idris as the new prime minister, Al Sharq Al Awsat reported. He also ... more
Egypt examines LNG supply offers from Saudi Aramco, UAE’s Adnoc, Algeria’s Sonatrach, and QatarEnergy
Egypt's state-owned gas company EGAS has received several offers to supply liquefied natural gas (LNG) shipments urgently needed for summer, Al Sharq reported on May 18, citing an unnamed government ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
16 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago