Assan Aluminyum gets IFC backing for upgrade project

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Assan Aluminyum has raised a $56.9 million long term loan from IFC to part fund a $65 million upgrade and expansion of its flat-rolled aluminium operation in Dilovasi, Turkey. The deal signed on July 27.

Assan, which has a 70% export rate, recently acquired a scrap recycling plant and the funding will be used to modernize two existing furnaces, and install a further five. The borrower is 53% owned by Kibar Holding, while the remaining shares are owned by family members and group companies.