SASA obtains loan from EBRD

LONDON

The European Bank for Reconstruction and Development (EBRD) is providing a 75 million-euro loan to SASA Polyester to finance an investment in its purified terephthalic acid (PTA) facility in Adana.

SASA produces polyester staple fibers, filament yarns, polyester-based and specialty polymers, and intermediates.

The financing will be used to implement a state-of-the-art PTA facility with an annual production capacity of 1.6 million tons, said the bank in a statement, adding that it will also allow the company to integrate its operations and introduce operational improvements that will boost competitiveness.

Once the facility has been completed, SASA will be able to produce polyester products without having to import PTA – a raw material commonly imported from Asia.

The plant will be able to produce enough PTA to satisfy its current raw-material demand, while leaving excess product for export, according to the statement.

The loan will also enable SASA to introduce advanced corporate climate governance practices, in line with the EBRD's Green Economy Transition (GET) approach.

This project represents a significant moment not only for SASA’s green credentials, but also for its vision of becoming an important regional player, said Hande Islak, EBRD deputy head of Türkiye.

Since 2009, the EBRD has invested almost 17 billion euros in various sectors of the Turkish economy, almost all of it in the private sector.