The International Finance Corporation (IFC) announced on Wednesday that it will provide $55 million in loans for Turkey's leading flat-rolled aluminum production company, Assan.
"IFC's investment will help Assan, one of Turkey's biggest exporters with a 70 percent export rate, refinance a recently acquired scrap recycling plant, modernize two existing furnaces, and install five new furnaces, as well as improve overall plant maintenance and energy efficiencies, " the IFC, a member of the World Bank Group, said in a statement.
"As one of Turkey's leading exporters, our vision is to become a market maker in Europe," Tamer Saka, CEO of Kibar Holding, said.
"Working with IFC, a strategic and long-term partner, will help Assan to achieve this objective. It will also enable us to sustain our growth strategy and make new investments to increase our international presence with higher competitiveness," Saka added.
The IFC also said that it has supported the Turkish company's growth since 1994 by extending $220 million in senior loans and syndicating long-term financing.
Turkey is the second largest country of operations for IFC globally and hosts its largest office outside of Washington D.C. In the fiscal year 2015, IFC invested $1.8 billion in Turkey, the statement added.
South Korean automotive giant Hyundai and Kibar Holding's Assan operate a joint automotive factory in Turkey's Kocaeli province since 1994.