TR Monitor

IFC WILL PROVIDE USD 110M FINANCE TO KORDSA

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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.

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