IFC invests $50 million in Küçükçalık Group
ISTANBUL
The World Bank Group’s International Finance Corporation (IFC) has announced a $50 million investment in Küçükçalık Tekstil, a home textiles manufacturer operating in Türkiye and Egypt, to support its capacity expansion efforts and help enhance its sustainability practices.
IFC’s loan consists of $30 million from IFC’s own account and $20 million from IFC’s Managed Co-Lending Portfolio Program (MCPP).
“This investment enables Küçükçalık to boost its production capacity sustainably by building a new polyester chip manufacturing plant, expanding its yarn spinning facility, and establishing a textile recycling facility in its manufacturing unit in Sakarya, Türkiye,” IFC said in a statement.
Additionally, the installation of rooftop solar photovoltaic systems in Küçükçalık’s manufacturing unit in the province of Bursa will significantly boost sustainability efforts, it added.
IFC’s investment is projected to create approximately 700 direct and indirect jobs, boosting employment in Türkiye, according to the statement.
Türkiye represents IFC's third-largest country exposure globally, with a committed portfolio of close to $5.4 billion as of December.
IFC said it had supported private sector development in Türkiye for more than 50 years, with investments of over $20 billion in the last decade alone.
