Elif Plastik, a global supplier of flexible plastic packaging solutions for consumer goods, is a family owned company with production facilities in Istanbul, Turkey. It was formed in 1972 and is presently owned by the Salargil family of Turkey.

The Project cost is estimated at US$64 million. The IFC investment consists of a loan of up to US$35.5 million.

35.50 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	35.50
Equity

* These investment figures are indicative

Elif Plastik is located in Istanbul, Turkey. The new packaging facility, Elif Global Packaging S.A.E. (“Elif”) is located in the industrial area of Cairo, Egypt.

-The project will:
- Create 300 direct employment at the production facility and an additional 200-300 indirect jobs in Egypt, plus several hundred temporary jobs tied to the construction period.
- Generate fiscal benefits through increased taxes.
- Support Egyptian economy in foreign trade balance in terms of both decreased import and increased export.
- Procure from local suppliers and support them.
- Bring manufacturing management and technical know-how to Egypt and leverage sectors it serves.
- Will help to provide timely delivery to the customers and develop the industry in Egypt.
- Will have the capability to manufacture from recycled materials

- Provision of long-term funding.
- South- South Investment: The project fits with IFC''s Turkey country strategy of supporting Turkish companies'' south-south investments as it supports a relativelly small Turkish company with its first investment outside of Turkey.
- Potential IFC long-term partnership with Sponsor in other parts of the world going forward. Company plans to expand to Asian and Latin American markets in the future.
- Demonstration effect at a time when investors are reluctant to invest in Egypt due to political uncertainty.

This proposed investment is classified as a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects as the environmental and social impacts of the project are limited, site-specific and can be minimized, avoided or mitigated by adhering to generally recognized performance standards, guidelines, or design criteria.

The key environmental and social aspects of the project relate to Elif Egypt and Elif Plastik’s ability to manage environmental, occupational health and safety, human resources and food safety (related with the manufacturing of primary packaging for food products) issues as well as regulatory compliance, labor and working conditions during construction and operational phases, contractors management, control of emissions to air of volatile organic compounds (VOCs) and the possible need for incineration of such compounds, energy efficiency in film forming and printing and ink drying operations, and treatment and disposal of sanitary waste water and process effluents arising from cleaning of printing machinery and possibly washing of recycled Plastik. Elif Egypt will implement environmental and occupational health and safety systems similar to the existing operations in Elif Plastik Turkey; effective implementation of these allied to the actions defined in the project Environmental and Social Action Plan (ESAP) will ensure environmental and social (E&S) risks and impacts are effectively mitigated.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.