The FINANCIAL — IFC, a member of the World Bank Group, is helping Georgia’s sole glass bottle manufacturer and leading employer, Mina, take advantage of favorable market opportunities and increased demand by expanding its production lines and boosting growth.
IFC is providing a senior loan of USD 8.5 million and mobilizing a parallel senior loan of EUR 5 million from Rabobank for Mina’s expansion. The company produces glass bottles for the beverages market, a priority export sector for Georgia, which currently largely relies on imported bottles. The investment is set to generate significant corporate income taxes for the state budget and safeguard jobs in an area with limited employment opportunities.
Mina is owned by Anadolu Cam, the glass packaging arm of Sisecam, a leading Turkish producer of glass products worldwide.
“Rabobank is pleased to be able to help long-term client Anadolu Cam reinforce its leadership in the region’s glass manufacturing sector. The company is an excellent example of supporting regional cooperation, job creation, and economic development,” Guray Alpkaya, CEO of Rabobank AŞ in Istanbul said.
The project is also expected to help enhance Mina’s competitiveness through renovation and equipment upgrades, along with energy and resource efficiency investments.
“This investment is part of IFC’s strategy to support sectors where Georgia has comparative advantages and which have the potential to create jobs, benefit the economy and expand exports. It also supports South-South investment, which is a strategic priority for IFC because of its development impact,” said Thomas Lubeck, IFC Regional Manager for the South Caucasus.
IFC made its first investment in Mina in 1999 to help increase exports, enhance energy efficiency, and raise environmental practices to international standards.
Georgia became an IFC member in 1995. Since then, IFC has invested USD 810 million in 60 projects across various sectors and supported regional projects developed in the country. IFC has also implemented a number of advisory projects focused on the development of the private sector.