- EBRD and TSKB financing Turkish flour producer Ulusoy Un
- TRY 40 million (€4.4 million equivalent) joint loan to finance working capital needs
Turkey’s flour producer Ulusoy Un is receiving a fresh financial boost to 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), the Industrial Development Bank of Turkey, are jointly providing a TRY 40 million 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 metric tonnes, it exports to 86 countries on five continents.
The EBRD is a major investor in the Turkish economy. In 2020, standing by Turkey in the Covid-19 crisis, the EBRD provided €1.7 billion in investment.
