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.                                                   

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.                                                  

The Project is located in the industrial zone of 6th of October City, 45km southwest of Cairo, Egypt.                                                  

 No governance risks to expected development impacts are noted.