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Sisecam Merefa



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

25 Jun 2014



PSD disclosed:

23 May 2014

Translated version of this PSD: Ukrainian

Project Description

The EBRD is considering providing an up to €20 million long-term loan to Merefa Glass Company Ltd. (the “company” or “Merefa”), a glass packaging producer in north-east Ukraine and a subsidiary of Turkiye Sise ve Cam Fabrikaları A.S. (“Sisecam”), the leading glass producer in Turkey. The loan will be used to re-finance certain existing company loans and finance its working capital needs.

Transition Impact

Transition impact is expected to derive primarily from financial improvements, especially important in Ukraine given the current circumstances, and from exploring policy dialogue opportunities in glass recycling.

The Client

Merefa is a glass packaging producer in north-east Ukraine and a subsidiary of Sisecam.

Sisecam, which is incorporated in Turkey and operates in 13 countries, is one of the largest glass producers in the world. The company is active in all key areas of glassmaking (i.e. flat glass, glassware and glass packaging) as well as production of glass chemicals such as soda ash and chromium products. Turkiye Is Bankası A.S. (“Isbank”) owns 72 per cent controlling stake in Sisecam, while the remaining 28 per cent is free floating on the Borsa Istanbul.

EBRD Finance

Up to €20 million long-term loan.

Project Cost

Up to €20 million.

Environmental Impact

Category B. Environmental and social issues associated with providing financing to an existing company can be readily assessed and mitigated as part of an Environmental and Social Due Diligence (ESDD). The Bank is not financing any new investments.

An ESDD has been undertaken by the Bank. This has concluded that the company is well managed and in compliance with the national legislation, however, additional institutional capacity building as well as investments in environmental abatement are necessary to meet EU environmental standards, notably those defined by the EU Industrial Emissions Directive (IED). An Environmental and Social Action Plan has been developed based on the ESDD. This includes, among others, improvement to the investment in wastewater treatment facilities as well as implementation of energy and environmental management systems. The Company will undertake additional studies (BAT Assessment) aimed at assessing air emission and further energy efficiency measures. Based on this study, by 2016 a road map will be developed aimed at attaining EU environmental standards as defined by relevant Best Available Techniques (BAT) documents. The current financing will result in improvement to the plant, however, additional financing and investments will be required in the future to attain EU environmental standards. The Bank will monitor the Project implementation.

Technical Cooperation


Company Contact

Mrs. Basak Oge (Corporate Finance and Investor Relations Manager)
Tel: +90 (212) 350 50 50


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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