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Turkey

Philip Morris Sabanci Sigara ve Tutunculuk Sanayi ve Ticaret Anonim Sirketi

$50 million
Manufacturing
Project Brief
Not Active

MIGA issued a $50 million guarantee to cover a portion of Philip Morris's equity investment in Philip Morris Sabanci Sigara ve Tutunculuk Sanayi ve Ticaret Anoim Sirketi, a 75 percent owned joint venture in Turkey. MIGA will provide coverage against the risk of expropriation for fifteen years. This will be the first privately owned cigarette manufacturing operation in Turkey. The project will establish a facility in Torbali to produce several of Philip Morris's international cigarette brands. As the world's leading exporter of oriental tobacco, the Turkish tobacco industry plays an important role in the national economy, and this project will further improve the industry's international competitiveness. The project will also privatize a portion of the industry and help to liberalize the economy. It will generate 200 new jobs during construction and will employ 1,548 people by the fifth year of operation.