Pasabahce Egypt (IFC-41279)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Specific Location
6th of October City
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 20, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
PASABAHCE EGYPT GLASS MANUFACTURING S.A.E
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 10, 2019

Disclosed by Bank May 8, 2019


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Project Description

According to bank documents, the proposed IFC investment is up to US$30 million to support (i)the renovation and upgrade of existing plant and furnace including a cold repair and (ii) working capital and refinancing needs of the plant.

Investment Description
  • International Finance Corporation (IFC)

The total Project cost is expected to be US$50 million and the proposed IFC investment is an A Loan of up to US$30 million which will be provided in two tranches. The Loans will be used to finance the upgrade investments and shorter-term working capital needs of Pasabahce Egypt.  

Private Actors

Pasabahçe Egypt Glass Manufacturing S.A.E. is a glassware company incorporated in Egypt following the acquisition of a local glassware manufacturer in 2017.

The project sponsors are Sise ve Cam Fabrikalari A.S. (“Sisecam Group”) and Pasabahce Cam Sanayii ve Ticaret A.S. (“Pasabahce”). Pasabahce Egypt is indirectly owned by Pasabahce through its subsidiaries Pasabahce Investment B.V. (93%), Nude Design Investment B.V. (5%), Istanbul Investment B.V. (1%) and Nude Glass Investment B.V. (1%). Pasabahce Investment B.V. is entirely owned by Pasabahce and was established as the platform company for Pasabahce’s overseas operations and hence, owns 100% stake in other minority shareholders of Pasabahce Egypt as listed above.

Pasabahce is a leading Turkish glassware producer, jointly owned by Sisecam (84.6%), European Bank for Reconstruction and Development (“EBRD”) (14.9%) and Islamic Development Bank (0.5%). Engaged in the production and distribution of flat glass, tableware, glass containers, glass fiber and associated products worldwide, Sisecam is Turkey’s leading glass manufacturer and a prominent player in the global glass industry. Sisecam is 75% owned by Turkiye Is Bankasi and its related entities and the rest of the shares are publicly traded on Istanbul Stock Exchange with a total market capitalization of c. US$2.2 billion as of April 8, 2019.    

Contact Information

Pasabahçe Egypt Glass Manufacturing S.A.E. 
Emre Igdirsel 
Corporate Finance Manager 
+90 850 206 5050 
eigdirsel@sisecam.com
Sisecam Headquarters Icmeler Mahallesi, D-100 Karayolu Cad. No:44 A 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/