Euro bank boosts leading Turkish agricultural firm
The European Bank for Reconstruction and Development has said it is providing $48 million to Tiryaki Agro, boosting Turkey’s leading agricultural products exporter and supporting its expansion into new markets, day-to-day business and new investments.
In a statement on March 29, the EBRD said the funding was part of two larger financing packages.
The first, a $28 million loan, is part of a comprehensive financing of $230 million extended by a syndicate led by ABN Amro. Other lenders include the Dutch development bank (FMO), Rabobank, HSBC, Société Générale, Amsterdam Trade Bank, Credit Suisse, the British Arab Commercial Bank and Gazprombank, read the statement.
The remaining $20 million from the EBRD is part of a $65 million facility arranged by the FMO with the participation of Proparco, the investment arm of the French Development Agency (AFD), it added.
The funds will provide long-term financing for the company’s day-to-day operations, such as processing, storing and trading pulses, grains, feed, oilseeds, corn and nuts, according to the statement.
The company also plans to expand into new markets such as North America and Europe, and strengthen its focus on organic products—a higher value-added business with higher profits.