IFC WILL PROVIDE USD 110M FINANCE TO KORDSA
The International Finance Corporation (IFC), a member of the World Bank Group, will provide a USD 110m long-term loan to Sabanci Holding subsidiary Kordsa, which manufactures tire reinforcement materials and composites for the automotive, aerospace, and construction industries. This will be used to increase R&D, including new technologies, expanding production for high value-added products, and increasing energy efficiency. “The IFC’s financing plays a critical role in strengthening the Turkish manufacturing industry, creating qualified employment, and providing sustainable economic growth to the country,” said Arnaud Dupoizat, Turkey Country Manager of IFC. “The IFC is a long-term partner of Kordsa and supports its growth. We are collaborating with the IFC in our journey to develop the high technology products and solutions we offer in the composite and tire reinforcement sectors,” said Ali Caliskan, CEO of Kordsa. With a commitment of over USD 4.3bn as of June 2021 in Turkey, the IFC has supported private sector development in the country for more than 50 years.