Announcement of Second IFC Loan for Local Aluminium Processor in Turkey on September 23, 1975

. . . . . . FOR _t~·MEDIAT~ RELEA~E International Finance Corporation 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. 202-393-6360 I ·: • ~ • : ..... IFC Press Release No. 75/21 • • - ~ ~ .. "' .... t • • - ·~ ' .. , • ~: , ~ Tuesday, September 23, 1975 Aluminium in Turkey Second IFC Loan for Local Processor The International Finance Corporation (IFC), an affiliate of the World Bank, has made a second loan to Nasas Aluminyum Sanayaii ve Ticaret A.S. (NASAS), a Turkish aluminum sheet and foil manufacturer which the Corporation helped to establish in 1970. The approximately $1.6 million IFC loan is support for a $3.7 million expansion project to install specialized finishing and converting machines. The equipment will enable NASAS to manufacture new light gauge laminated foil products and to improve the quality of existing products. The Company will provide the balance of the project financing. In 1970, IFC made an $8.4 million equity and loan investment in NASAS to help • . ,,. finance its $30 million, 15,000 metric tons per year plant near Istanbul. the first of its kind in Turkey, began commercial production in 1973. NASAS is the largest supplier of aluminum products to Turkey's growing market. It is estimated that the Company supplies about one-third of the demand for aluminum The plant, sheet products in Turkey and more than three-quarters of the demand for aluminum foil products. * * * The International Finance Corporation exists to support private enterprise in the developing countries . It does this by providing finance itself and by mobilizing funds from other sources. Since it wa,s estab.iished in 1956 IFC has invested $1,262 million on its own account in 249 enterprises in 57 developing countries. Other investors have con- currently committed $5,131 million to those enterprises. In Turkey IFC has itself invested a total of $70.6 million in 12 enterprises. (An.y inquiries strictly relating to IFC's participation in this project should be directed to the IFC Business Relations Unit, 1818 H Street, N.W., Washington, D.C. ' 20433, Telephone (202) 477-2355).