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[July 2002]
World Bank to Invest in Major Turkish Tile Manufacturer
The International Finance Corporation of the World Bank is investing US$10 million in the Turkish tile manufacturer Eczazibasi Karo Seramik AS to help the company overcome working capital shortages, improve production efficiency and boost exports.This is part of the corporation's ongoing support for Turkey's private sector following last year's financial crises, which restricted the flow of international capital. For Eczazibasi Karo Seramik, the aim is to help it overcome short-term problems, also caused by a tightening of demand within Turkish markets, hampering an otherwise profitable business.
Sujata Lamba, IFC's Country Manager for Turkey, said: "By reinforcing the financial structure of EKS - liberating them from short-term debt worries - we are supporting their drive to become more efficient and boost exports. The IFC investment, which is part of a US$25 million project to modernise the company, will also help the company to restructure its balance sheet and improve its liquidity".
ENDS