Pasabahce gets loan from IFC

The International Finance Corporation, the private sector lending arm of the World Bank Group, said on 12 June that it is lending US$ 7.5 million to glass tableware maker Pasabahce-Eskisehir, a unit o…

The International Finance Corporation, the private sector lending arm of the World Bank Group, said on 12 June that it is lending US$ 7.5 million to glass tableware maker Pasabahce-Eskisehir, a unit of Turkiye Sise ve Cam Fabrikalari AS. The IFC said the loan will help the company cut its short-term debt, boost exports and overcome shrinking demand resulting from the country“s financial crisis. With this loan, the amount that IFC is lending to Turkish companies since April 2001 totals US$ 350 million. Pasabahce-Eskisehir exports about 70% of its total glass production and its 2001 revenue is estimated at US$ 25 million.