Baker McKenzie named legal advisor in IFC- Pasabahce Egypt financing deal
Helmy, Hamza & Partners, Baker McKenzie office in Egypt, announced on Wednesday that it had been mandated as legal advisor in the International Finance Corporation’s (IFC) deal to provide financing for glassware manufacturer Pasabahce Egypt.
Pasabahce Egypt is a subsidiary of the Sisecam Group. Its factory mainly serves markets in the Middle East, Turkey, and the United States.
IFC announced earlier this month a $30 financing package for Pasabahce Egypt, including a long-term loan of up to $20 million and a shorter-term loan of $10 million.
The package aims to help Pasabahce Egypt upgrade its glassware production facility outside Cairo, and introduce efficiencies to cut its natural gas and electricity consumption by more than half. The funding is also expected to enable Pasabahce Egypt to create about 330 new direct jobs in engineering, production, and quality control, and more than 1,500 indirect jobs.