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IFC helps Kucukcalik Group to expand in Egypt
10 Jul '07
2 min read
IFC, the private sector arm of the World Bank Group, will provide long-term loans to Kucukcalik Tekstil Sanayi ve Ticaret A.S. and its subsidiary in Egypt, K.C.G. Textile Egypt S.A.E.
The $24 million equivalent investment will support the Kucukcalik Group's expansion to Egypt, helping build a new factory to produce twisted polyester yarn and woven and embroidered fabrics. It will also help modernize and expand the capacity of Kucukcalik's existing twisting, texturizing, and weaving facilities in Inegol, Turkey.
Yasar Kucukcalik, Chairman of the Kucukcalik Group, said, “This project is a milestone in implementing our strategy to become an important player in the industry and to expand into Egypt. We are pleased with our partnership with IFC and look forward to working together in future projects.”
Yilmaz Kucukcalik, CEO of the Kucukcalik Group, said, “We are happy to see IFC as our partner in a project that will make our company more competitive. It will also enhance our group's quality of service for clients.”
Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said, “IFC is committed to providing long-term funding to support the expansion of internationally competitive companies in Turkey. This loan will help Kucukcalik expand its operations in the country, while it establishes a factory in Egypt."
"The investment fits well with our strategic priority to support Turkey's investment in other emerging markets. It also supports our sector strategy to expand manufacturing capacity into cost-competitive environments, while contributing to sustainable private sector growth.”
The $24 million equivalent investment will support the Kucukcalik Group's expansion to Egypt, helping build a new factory to produce twisted polyester yarn and woven and embroidered fabrics. It will also help modernize and expand the capacity of Kucukcalik's existing twisting, texturizing, and weaving facilities in Inegol, Turkey.
Yasar Kucukcalik, Chairman of the Kucukcalik Group, said, “This project is a milestone in implementing our strategy to become an important player in the industry and to expand into Egypt. We are pleased with our partnership with IFC and look forward to working together in future projects.”
Yilmaz Kucukcalik, CEO of the Kucukcalik Group, said, “We are happy to see IFC as our partner in a project that will make our company more competitive. It will also enhance our group's quality of service for clients.”
Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said, “IFC is committed to providing long-term funding to support the expansion of internationally competitive companies in Turkey. This loan will help Kucukcalik expand its operations in the country, while it establishes a factory in Egypt."
"The investment fits well with our strategic priority to support Turkey's investment in other emerging markets. It also supports our sector strategy to expand manufacturing capacity into cost-competitive environments, while contributing to sustainable private sector growth.”
World Bank
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