10 June 1999: Turkish glass group Sisecam has entered a partnership with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), which are providin…
10 June 1999: Turkish glass group Sisecam has entered a partnership with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), which are providing credit for its US$ 27.4 million investment in a glass packaging plant in Georgia. “The EBRD and IFC have become partners in the project by buying US$ 2.5 million worth shares each. Each institution has also provided a US$ 6.2 million, 6.5-year loan, supporting the project with loans totalling US$ 12.4 million,” Sisecam said in a statement. It said the partnership and loan agreements were signed in London on 28 May. Sisecam acquired the Ksani glass packaging plant in the Mesketa region, 35 kilometres to the west of Tbilisi in October 1997. The plant“s furnace was modernized and its annual glass packaging production capacity currently stands at 20,000 tonnes. “When market conditions develop and the modernization investment is completed, the plant“s capacity will rise to 60,000 tonnes,” Sisecam added. More than 300 people are employed at the Georgian plant.