IFC finances Pasabahce Egypt with $30M to support exports, sustainable glass production, jobs

SourceEgypt Today
SectorFinancial Markets
CountryEgypt

International Finance Corporation (IFC) logo - Official website CAIRO – 16 February 2021: IFC, a member of the World Bank Group, announced Tuesday a financing package worth $30 million for leading glassware manufacturer Pasabahce Egypt for Glass Manufacturing S.A.E.   IFC clarified in a statement that the objective of the funding is to help the company boost exports, introduce cleaner production practices, and create jobs.   “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,” it added.   According to the statement, 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 ...read more...