EBRD invests in local textile company

ADANA - Hürriyet Daily News

The European Bank for Reconstruction and Development (EBRD) is continuing to boost Turkey’s Anatolian regions by supplying a 3.7 million-euro loan to Kıvanç Tekstil, a leading producer of clothing fabrics and yarn in the southern province of Adana.

Kıvanç Tekstil, 100 percent owned and controlled by the founding, namesake family, has operated in the textile sector for more than 60 years. Brands using the company’s fabrics include Banana Republic, Zara and Ann Taylor.

Financing from EBRD will allow the company to purchase more than 50 weaving machines to expand its operations.

“We were impressed by this tight-knit, family-owned company run by four brothers operating in this highly competitive global textile market and challenging economic environment,” said EBRD’s director for Turkey, Mike Davey.

Last year Turkey became the EBRD’s second-largest country of operations by annual business volume with 1 billion euros of new investments in 2012 alone.