European bank funds Turkish seed firm to back operation
The European Bank for Reconstruction and Development (EBRD) provided €10 million ($11 million) loan to a Turkish seed company to expand its operations and automate R &D.
In a statement on Dec. 23, the bank said the improvements, such as renovating production and R &D facilities, will strengthen the company's position in Turkey along with existing export markets and will help it venture into new export markets.
May Seed will also benefit from an EBRD-backed advisory project to further boost its competitiveness at home and abroad.
The bank is also providing its own grant funds to back May Seed's financial literacy program for Turkish farmers.
Operating two conditioning plants for field crop and vegetable seed processing with an annual capacity of 35,000 tons, May Seed exports to more than 40 countries.
The EBRD, a leading institutional investor in Turkey, has invested over €12 billion in the country since 2009.