IFC approves $55 mln credit to Turkey's largest aluminium producer

Assan, Turkey’s leading flat-rolled aluminium products manufacturer has laid out a major modernization and expansion plan for its two existing furnaces in the country. To finance the same it has approached the International Finance Corporation (IFC) for a loan of $55 million.

The IFC, a member of the World Bank Group, confirmed on August 17 that it will provide Assan with the credit amount.

“IFC’s investment will help Assan, one of Turkey’s biggest exporters with a 70 percent export rate, refinance a recently acquired scrap recycling plant, modernize two existing furnaces, and install five new furnaces, as well as improve overall plant maintenance and energy efficiencies, “ IFC said in a statement.     

The IFC has played a crucial role in the Turkish major’s growth since 1994 by extending a sum of $220 million in senior loans in addition to syndicating long-term financing.     

Tamer Saka, CEO of Kibar Holding, said: “As one of Turkey’s leading exporters, our vision is to become a market maker in Europe.”
  
“Working with IFC, a strategic and long-term partner, will help Assan to achieve this objective. It will also enable us to sustain our growth strategy and make new investments to increase our international presence with higher competitiveness,” Saka added.     

Turkey is the second largest country outside of Washington D.C. where IFC has its global footprint. In FY2015-16, IFC invested $1.8 billion in Turkey, the statement noted.

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