Corporation: We invested $ 340 million in the industrial sector over the past years
The International Finance Corporation, a member of the World Bank Group, announced a financing package for the Turkish Basabaci Glass Production Company, to help companies boost their exports to introduce more environmentally friendly production practices and create job opportunities in Egypt.
In a statement, the Foundation said that the financing package that the Foundation will provide includes a long-term loan of 20 million dollars and a shorter-term loan of 10 million dollars.
The support for international financing comes at a critical time, when a covid has disrupted global supply chains and production, and reduced consumer confidence and demand.
International Finance will help the company to modernize its facility outside Cairo, and to introduce efficiencies that support reducing the production of natural gas and electricity in half. It is expected that it will help create 330 direct jobs in engineering, production and quality control and more than 1,500 indirect jobs.
Pasabaci is a subsidiary of SISCAM Group, whose plant mainly serves the markets in the Middle East, Turkey and the United States.
Ahmed Kirman, Vice President of Siskan Group, said that the advocacy and financing provided by international financing allows us to expand in the region through an upgraded facility complemented by increased capacity and production with higher added value.
He added, “It will help us increase the availability of high-quality glass in Egypt, in conjunction with promoting more efficient and cleaner production practices.
وقال Walid LebdiThe Regional Director for Egypt, Libya and Yemen, that this project with the SISCAM Group, reflects the deep and continuous commitment of the International Finance Corporation to support the private sector, to cross the Corona pandemic.
He added, “Industrial companies such as Pasabatchi, which provide stable jobs, are a major key to securing long-term, inclusive growth in Egypt.
The International Finance Corporation has expanded its support for the industrial sector in Egypt, to improve efficiencies, support innovation, and provide working capital, and has invested $ 340 million in the sector over the past years.
During the past five years, the industrial sector accounted for half of Egypt’s exports and about 17% of the GDP, and it is the second largest sector in Egypt that provides jobs after the services sector.
The article “International Finance” provided “$ 30 million” to “Pasabatchi” to increase its Egyptian exports of glass was written in the newspaper Al-Borsa.