Turkish flour producer Ulusoy Un is to get a fresh financial shot in the arm to help it keep up with high demand from pasta-makers, bakeries and locked-down customers as the coronavirus pandemic continues.
The European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB, or the Industrial Development Bank of Turkey) are jointly providing a Turkish lira (TRY) 40mn ($5.4mn) loan to fund the company’s growing need for working capital.
This is the third time that Ulusoy Un will benefit from the EBRD and TSKB co-financing programme, which aims to improve and simplify access to finance for businesses across Turkey.
Established in 1989, the company produces and sells flour used for the production of bread, biscuits, chapattis and noodles. With a daily wheat-processing capacity of 2,100 tonnes, it exports to 86 countries on five continents.
The EBRD is a major investor in the Turkish economy. In coronavirus-hit 2020, the EBRD provided €1.7bn in investment to Turkey.
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