IFC Helps Turkey’s Küçükçalik Group Expand to Egypt
In Belgrade:
Slobodan Brkic
Phone: +381 11 3023 750
E-mail: sbrkic@ifc.org
Istanbul, July 9, 2007 — IFC, the
private sector arm of the World Bank Group, will provide long-term loans
to Küçükçalık Tekstil Sanayi ve Ticaret A.Ş. and its subsidiary in Egypt,
K.C.G. Textile Egypt S.A.E. The $24 million equivalent investment
will support the Küçükçalık Group’s expansion to Egypt, helping build
a new factory to produce twisted polyester yarn and woven and embroidered
fabrics. It will also help modernize and expand the capacity of Küçükçalık’s
existing twisting, texturizing, and weaving facilities in İnegöl, Turkey.
Yaşar Küçükçalık, Chairman of the Küçükçalık Group, said, “This project
is a milestone in implementing our strategy to become an important player
in the industry and to expand into Egypt. We are pleased with our
partnership with IFC and look forward to working together in future projects.”
Yılmaz Küçükçalık, CEO of the Küçükçalık Group, said, “We are happy to
see IFC as our partner in a project that will make our company more competitive.
It will also enhance our group’s quality of service for clients.”
Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said,
“IFC is committed to providing long-term funding to support the expansion
of internationally competitive companies in Turkey. This loan will
help Küçükçalık expand its operations in the country, while it establishes
a factory in Egypt. The investment fits well with our strategic priority
to support Turkey’s investment in other emerging markets. It also supports
our sector strategy to expand manufacturing capacity into cost-competitive
environments, while contributing to sustainable private sector growth.”
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.
About Küçükçalık
Küçükçalık was established in 1966 in Istanbul as a trading company supplying
goods to wholesalers in Turkey. The company began export operations
in 1987. In 1990, it opened its first weaving factory and started dyeing
and printing operations soon after, followed by an embroidery plant in
1995 and a ready-made confection unit in 1997. As of end 2006, the company
employed 2,082 staff and produced 75 million meters of assorted fabric
for the year. Export sales represent 75 percent of Küçükçalık’s
revenues of $165 million. For more information, visit www.kcalik.com.
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