European, Turkish banks loan wet wipes producer

European, Turkish banks loan wet wipes producer

ANKARA-Anadolu Agency
European, Turkish banks loan wet wipes producer

The European Bank for Reconstruction and Development (EBRD) and the Industrial Development Bank of Turkey (TSKB) on Nov. 9 jointly extended a loan of €21 million ($25 million) to Turkey’s leading wet wipes producer Sapro to support business growth and improve sustainability.

The loan, divided equally between the EBRD and TSKB, will finance Sapro’s increased working capital needs and a new line of biodegradable wet wipes, according to a statement by EBRD.

"The EBRD and TSKB are working together to improve and simplify access to finance for small and medium-sized enterprises across Turkey," it said.

Under a risk-sharing agreement, the two lenders provide loans to eligible businesses identified jointly, it noted, saying clients can use the loans to finance working capital, capital expenditure or refinance existing loans.

Sapro is part of the EBRD’s Blue Ribbon program, which combines advisory services and financing to provide a significant boost to high-potential companies.

As a leading institutional investor in Turkey, the EBRD has invested €12.4 billion ($14.8 billion) in over 300 projects in the country since 2009.