IFC, the private sector arm of the World Bank Group, will provide long-term loans to Kalik Tekstil Sanayi ve Ticaret and its subsidiary in Egypt, KCG Textile Egypt.


The US$24mn equivalent investment will support the Kalik Group’s expansion to Egypt, helping build a new factory to produce twisted polyester yarn and woven and embroidered fabrics. It will also help modernise and expand the capacity of Kalik’s existing twisting, texturising, and weaving facilities in Inegl, Turkey.


Yasar Kalik, chairman of the Kalik Group, says, “This project is a milestone in implementing our strategy to become an important player in the industry and to expand into Egypt. We are pleased with our partnership with IFC and look forward to working together in future projects.”