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Financing Manufacturing Projects in Bosnia Herzegovina


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Sisecam Soda Lukavac d.o.o. (“SSL”) is involved in the production of light and heavy (dense) soda and other products based on soda ash. SSL was created from the transfer of soda ash production assets from a loss making state owned soda ash producer. IFC provided a € 24 million loan.

SSL is currently undertaking a €32 million revamping investments to accelerate the turnaround after privatization, together with the restructuring of short-term debt. The project is expected to (i) increase SSL’s operational efficiency through renovation and equipment upgrades that will also increase capacity, leading to economies of scale, (ii) improve environmental performance through water treatment and air emissions investments (iii) reduce energy costsand, (iv) replace some short-term debt.

The project sponsor is Sise ve Cam Fabrikalari A.S. (“Sisecam”) and Soda Sanayii A.S. (“Soda Sanayii”), both listed on Istanbul Stock Exchange (“ISE”). SSL is 86% owned by the Soda Sanayii, with the remainder of the Company being state owned. Sisecam is a leading Turkish producer of flat glass, tableware, glass containers, glass fibers and associated products worldwide. Sisecam owns 71% of the Soda Sanayii’s shares directly and 14% through Anadolu Cam Sanayii A.S., its glass packing arm.

LLS Global Funding proposed an IFC investment is estimated at €15 million comprising (i) the replacement of short-term debt and (ii) financing of ongoing investments. These investments comprise new equipment that will result in a capacity increase and allow SSL to benefit from economies of scale, reduce costs and emphasize product quality and high margin products.

The project is located in the Tuzla Canton of the Federation Bosnia Herzegovina on the outskirt of the city of Lukavac (140 km north of the capital Sarajevo and 14 km west of Tuzla).


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