International Finance Corporation (IFC) will provide a senior loan of $8.5m and mobilize a parallel senior loan of €5m from Rabobank to help Georgia’s glass bottle manufacturer Mina expand its business.
The financial help from IFC, which is a member of the World Bank Group, will be used by Mina to expand its production lines and capitalise on favourable market conditions.
The firm is owned by Anadolu Cam, which is the glass packaging unit for Sisecam, a Turkish producer of glass products.
Mina, which chiefly produces glass bottles for the beverages market, will be using the capital for renovation and equipment upgrades, aiming towards optimum energy and resource efficiency.
IFC Regional Manager for the South Caucasus Thomas Lubeck said: "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."
IFC's initial investment for Mina was in 1999 which was aimed at improving exports, energy efficiency and environmental practices of the firm to international standards.
Since 1995, IFC has contributed around $810m for Georgia's development through multiple regional and advisory projects across sectors.
