EBRD and Turkish bank co-finance kitchen fittings producer Ukinox
ISTANBULIn a new joint transaction, the European Bank for Reconstruction and Development (EBRD) and the Industrial Development Bank of Turkey (TSKB) are providing 0.9 million euros of working capital to Ukinox, a dynamic manufacturer of kitchen sinks and built-in kitchen appliances in Turkey, the EBRD said in a statement on Aug. 10.
The financing is a new investment under a joint program between the EBRD and TSKB, which was set up in 2016 to improve and simplify access to finance for small and medium-sized enterprises (SMEs) across Turkey, the EBRD stated.
Divided 50:50 between the two lenders, the loan facility will support the growth of the company by financing its working capital needs, according to the statement.
Headquartered in Istanbul and operating a plant in the Black Sea province of Düzce, Ukinox focuses on the production of stainless steel sinks.
Other products include granite and glass sinks, siphons and sink accessories such as baskets, chopping boards and colanders.
Eight-five percent of the company’s products are destined for export, mostly to the United States and Canada but also to Western Europe, according to the statement.
Support for small businesses is among the EBRD’s priorities in its efforts to strengthen the private sector, which in Turkey attracts some 98 percent of the bank’s funding, read the statement.