IFC to provide USD 30 mn in financing to glass maker Pasabahce Egypt
The International Finance Corporation (IFC) is lending USD 30 mn to the Egyptian arm of Turkish glassmaker Pasabahce to help it grow exports, improve energy practices, and create more jobs, the lender said in a press release (pdf) yesterday. Pasabahce, a subsidiary of Şişecam Group, will use the proceeds to expand a facility located outside Cairo, reduce natural gas and electricity consumption by more than half, and create some 330 new direct jobs across departments. The company sells to the Middle East, Turkey and the US.
In detail: The financing package includes a USD 20 mn long-term loan and USD 10 mn shorter-term facility, the IFC said. The institution has been ramping up support for Egypt’s manufacturing sector in recent years, investing USD 340 mn “helping [companies] improve efficiencies, support innovations, and replenish working capital.”