IFC Supports Russia’s Glass Sector
In Washington, D.C.:
Carmen Powell
Phone: +1 (202) 473-4982
E-mail: CPowell@ifc.org
In Belgrade:
Slobodan Brkic
Phone: +381 11 3023 750
E-mail: SBrkic@ifc.org
Istanbul, Turkey, May 21, 2008—IFC,
a member of the World Bank Group, is supporting the expansion of the Posuda
glassware plant in the Nizhny Novgorod region of Russia. This will help
reduce the country’s reliance on imported glass products and generate
more employment opportunities.
IFC’s $40 million loan to Turkey’s
Sisecam Group, owner of Posuda, will help the company build a new furnace
with a glass pulling capacity of 120 tons per day at five production lines.
This is expected to increase Posuda’s capacity from 81 million to 179
million pieces of glassware a year. The total value of the project is $81
million.
“This transaction underscores our long-standing
relationship with IFC and our shared commitment to investing in emerging
markets,” said Dogan Arikan, President and Chief Executive Officer of
Sisecam Group. “Russia’s glassware market is still dominated by imports,
and we hope to change that by expanding Posuda’s capacities.”
“The project will help Posuda consolidate
its position in the Russian market by boosting production of high-quality
products, while creating employment opportunities in Nizhny Novgorod,”
said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia.
"IFC is pleased to support the
Sisecam Group in a series of South-South investments, and the Posuda project
is the first in the glassware segment in Russia.”
About IFC
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that poor people should
have the opportunity to escape poverty and improve their lives. In FY07,
IFC committed $8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69 developing
countries. IFC also provided advisory services in 97 countries. For more
information, visit www.ifc.org.
About the Sisecam Group
The Sisecam Group is a long-standing client that IFC helped grow from a
local company in the 1970s to a major exporter in the 1980s. The company
is a regional player now, with investments in Bosnia and Herzegovina, Bulgaria,
Georgia, and Russia. For more information, visit www.sisecam.com.
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