
The World Bank Group’s International Finance Corporation (IFC) has announced a $50 million investment in Kucukcalık Tekstil, a home textiles manufacturer operating in Turkiye and Egypt, to support its capacity expansion efforts and help enhance its sustainability practices.
IFC’s loan consists of $30 million from IFC’s own account and $20 million from IFC’s Managed Co-Lending Portfolio Program (MCPP).
“This investment enables Kucukcalık to boost its production capacity sustainably by building a new polyester chip manufacturing plant, expanding its yarn spinning facility, and establishing a textile recycling facility in its manufacturing unit in Sakarya, Turkiye,” IFC said in a statement.
Additionally, the installation of rooftop solar photovoltaic systems in Kucukcalık’s manufacturing unit in the province of Bursa will significantly boost sustainability efforts, it added.
IFC’s investment is projected to create approximately 700 direct and indirect jobs,boosting employment in Turkiye, according to the statement.
Turkiye represents IFC’s third-largest country exposure globally, with a committed portfolio of close to $5.4 billion as of December.
IFC said it had supported private sector development in Turkiye for more than 50 years, with investments of over $20 billion in the last decade alone.
Source: hurriyetdailynews