Sisecam has received a $75 million loan to boost its post-Covid recovery.
The investment by the International Finance Corporation (IFC) will help fill a COVID-impacted funding need for the Turkish-headquartered glass manufacturer.
The IFC funding will help Sisecam sustain its operations, contributing to its post-COVID recovery through increased competitiveness, exports, and economic activity.
IFC said the financing would help Şişecam implement its capital expenditure programme delayed by COVID-19 and finance its working capital needs, alleviating the impact of the pandemic.
Its financing will also promote resilience in the economy, limiting disruptions along supply chains and ensure a continued supply of Şişecam's products,
"Şişecam has long been a major contributor to the value-add production, exports, and employment in Turkey," said Arnaud Dupoizat, IFC's Country Manager for Turkey.
"While providing support to our long-term partner, our financing amid a volatile domestic and international macroenvironment—exacerbated by the COVID-19 pandemic—will contribute to Turkey's competitiveness, accelerating recovery and ensuring sustainable growth."
IFC has supported private sector development in Turkey for over 50 years, with a committed exposure of over $4.3 billion in the country as of June 2021.
