IFC Assists in Transformation of Turkey’s Unitim Group
In Washington, D.C.:
Carmen Powell
Phone: +1 (202) 473-4982
Email: cpowell@ifc.org
In Belgrade:
Slobodan Brkic
Phone: +381 11 3023 750
Email: sbrkic@ifc.org
Istanbul, Turkey, July 10, 2007 — IFC,
the private sector arm of the World Bank Group, will invest in the Unitim
Group to help the company diversify and expand its retail network in Turkey,
improve the competitiveness of its manufacturing operation, and complete
its corporate transformation. IFC’s loan of up to $30 million is
expected to contribute to the development of a modern, innovative, and
robust retailing industry in Turkey.
“We believe that our partnership with
IFC will help us to complete our corporate evolution and assist us as we
grow and expand our business,” said Burc Cemiloglu, Founder of the Unitim
Group. “We are looking forward to a long-term partnership with IFC and
believe that it will help us achieve our business goals in the region.”
Shahbaz Mavaddat, IFC Director for Southern
Europe and Central Asia, said, “Working with midsize Turkish companies
to help them improve their competitiveness and expand their product offerings
is a key component of IFC’s strategy in Turkey. Our investment in Unitim
is in line with this strategy."
Dimitris Tsitsiragos, IFC Director for
Global Manufacturing and Services, added, “Our investment will provide
long-term funding to Unitim and help it expand into new markets and strengthen
its presence in Turkey.”
About IFC
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing capital in the international financial
markets, and providing advisory services to businesses and governments.
IFC’s vision is that poor people have the opportunity to escape poverty
and improve their lives. In FY06, IFC committed $8.3 billion, including
syndications, to 284 investments in 66 developing countries. For more information,
please visit www.ifc.org.
IFC in Turkey
IFC’s $1.4 billion portfolio in Turkey
(as of June 2007) makes it the Corporation’s fifth-largest country exposure.
In FY07, we committed over $550 million in new investments in the country.
Our cumulative commitment to projects in the country since 1956 totals
$3.6 billion. We support private sector–led development through direct
investment and advisory services that promote growth and competitiveness.
About Unitim
Unitim Holding is a Turkish manufacturer
and retailer that operates three groups, Unitim Retail Group, Imteks, and
Servist. With over 150 stores, Unitim Retail Group operates the Accessorize,
Agent Provocateur, Aldo, Bally, Camper, GAS, G-Star, Harvey Nichols, Sephora,
Thomas Pink, and Tommy Hilfiger brands in Romania, Russia, Turkey, and
the Commonwealth of Independent States. Imteks is a branded-apparel manufacturer
that specializes in high-end sportswear for global export. Servist, which
focuses on restaurants, now represents the world-famous Michelin-star awarded
restaurant Hakkasan in Turkey.
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