Elif Egypt

completed

The proposed Project involves a $15.5 million IFC A loan to support Elif Global Packaging S.A.E’s, (“Elif Egypt”, or the “Company”), in Egypt, and a $ 20 million loan to Elif Plastik Ambalaj Sanayi ve Ticaret A. S. (“Elif Plastik”), fully owned subsidiaries of the Salargil family (the “Shareholders”). Elif Egypt is planning to construct a new facility on 30,000 m2 land in the 6th of October City Industrial Zone, which is the most organized and well structured industrial area in Cairo. The construction is planned to start in April 2013 and the facility is scheduled to be operational by the beginning of 2014. Elif Plastik is the main operating company founded by the Salargil family of Turkey. The $ 20 million loan will be used for corporate purposes, mostly as working capital. Elif Plastik is a global supplier in the plastics flexible thin films packaging industry primarily catering to consumer product companies. It is a market leader in its respective products in the Turkish market. Elif Plastik’s main products are used for packaging of cleaning, personal hygiene and food products. The company currently manufactures products from scrap (recycled products) and is procuring raw materials from international companies. The main raw materials are low density polyethylene (LDPE), polypropylene (PP), polyethylene tetra phthalate (PET) and aluminum. The production process includes extrusion of the plastic film, printing and converting (shaping). Elif Egypt will have the same process and will be using the same raw materials as the plant in Turkey.