EBRD loans Turkish agricultural firm $48M for expansion
European Bank for Reconstruction and Development loan to support Tiryaki Agro's exports and production
By Gokhan Ergocun
ANKARA
The European Bank for Reconstruction and Development (EBRD) is providing a $48 million loan for leading Turkish agricultural firm Tiryaki Agro to support its expansion into new markets and investments, the bank announced on Thursday.
"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," said an ERBD press release.
With the financing, the firm aims to enter new markets -- including North America and Europe -- and make value-added organic production, the bank said.
Tiryaki Agro, established in 1980, is a agricultural commodity supply chain manager. The EBRD, with $10 billion in investments since 2009, is a major investor in the country.
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