Georgia’s only glass bottle manufacturer, Mina, has secured a loan to expand its production lines and boost growth.
IFC, a member of the World Bank Group, will provide a senior loan of $8.5 million and will help secure a parallel senior loan of €5 million from Rabobank for Mina’s expansion.
Mina produces glass bottles for the beverages market, a priority export sector for Georgia, which currently largely relies on imported bottles.
The investment is set to generate corporate income taxes for the state budget and safeguard jobs in an area with limited employment opportunities.
Mina is owned by Anadolu Cam, the glass packaging arm of Turkey’s Sisecam.
Guray Alpkaya, CEO of Rabobank AŞ in Istanbul said: “Rabobank is pleased to be able to help long-term client Anadolu Cam reinforce its leadership in the region’s glass manufacturing sector. The company is an excellent example of supporting regional cooperation, job creation, and economic development.”
The project is also expected to help enhance Mina’s competitiveness through renovation and equipment upgrades, along with energy and resource efficiency investments.
IFC made its first investment in Mina in 1999 to help increase exports, enhance energy efficiency, and raise environmental practices to international standards.
