Brussels, 22/03/2007 (Agence Europe) - The European Investment Bank (EIB) is lending Sisecam, a leading Turkish glass manufacturer, €55 million to part-fund a modernisation and capacity expansion programme. Sisecam's investment programme includes the construction of a new float glass line and the construction and operation of a coating line at a production site in the province of Bursa, the country's second industrial hub after Istanbul. Both investments form part of Sisecam's efforts to beef up its operational efficiency and cater for increasing demand on the local market. The loan will also be used to fund the company's R&D to enable it to continue to use advanced technologies on high quality products and enhanced competitiveness. The EIB financing for this project comes from the EIB's pre-accession fund, supporting Turkey's industrial policy and developing the country's private sector economy in the run-up to EU membership.
Sisecam employs 130,000 people, mainly in Turkey but also in other neighbouring countries and new EU member states like Bulgaria, where it is one of the country's biggest foreign direct investors. (ol)