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Istanbul, Turkey, June 29, 2009–
IFC, a member of the World Bank Group, is providing $70 million in a new round of investment for longtime partner Sisecam Group of Turkey to support projects to enhance low iron energy glass investment, environmental improvement and energy efficiency upgrades at the company’s glass manufacturing facilities in Turkey and Bulgaria.
This financing will enable new investments in the rapidly growing solar glass market. The company anticipates that growth rates in this segment will double over the next five years, due to rising demand from countries committed to reducing carbon emissions by replacing fossil fuel use with renewable energy.
The energy efficiency upgrades resulting from IFC’s $58 million in financing for Turkey-based Trakya Cam and $12 million for Bulgaria-based Trakya Glass are expected to decrease energy consumption, thereby generating significant cost savings.
“IFC is pleased to support Sisecam, a long-standing client, with energy efficiency and environmental improvement investments, especially at a time when long termfinancing is difficult due to current economic conditions,” said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia. “The new investments will allow Sisecam to emerge as a more competitive player in regional markets, while reducing the emissions and environmental footprint of the company.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
About Sisecam and Trakya
Created in 1935 by İşbank, one of Turkey’s leading commercial banks, Sisecam controls 48 affiliate or subsidiary companies organized in four main business divisions- flat glass, glass tableware, glass packaging, and chemicals- and employs 17,290 people. Trakya, a subsidiary of Sisecam, operates seven float lines, six in Turkey and one in Bulgaria with a production capacity of 1.5 million tons of glass per year. For more information, visit
www.sisecam.com
.
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