Turkish glass manufacturer Sisecam has secured a $30 million financial package to upgrade its Pasabahce Egypt manufacturing site.
Sisecam said the money will be used to help the company boost exports, introduce cleaner production practices, and create jobs.
It secured the package from the International Finance Corporation (IFC), a member of the World Bank.
IFC's support will help Pasabahce Egypt upgrade its glassware production facility outside Cairo, and introduce efficiencies to cut its natural gas and electricity consumption by more than half.
The funding is also expected to allow Pasabahce Egypt to create about 330 new direct jobs in engineering, production, and quality control, and more than 1,500 indirect jobs.
Pasabahce Egypt is a subsidiary of the Sisecam Group. Its factory mainly serves markets in the Middle East, Turkey, and the United States.
IFC's $30 million financing package includes a long-term loan of up to $20 million and a shorter-term loan of $10 million. IFC's support comes at a critical time when the COVID-19 pandemic has disrupted global supply chains and production and dampened consumer confidence and demand.
Prof. Dr. Ahmet Kırman, Vice President and CEO of Sisecam Group, said: "IFC's support and financing will help us expand into the region with an upgraded production facility complemented with increased capacity and higher value-added production.
“It will also increase the availability of high-quality glass production in Egypt, while promoting cleaner, more efficient production practices."