EBRD loans $7.5 million to Turkish confectionery producer
The European Bank for Reconstruct on and Development (EBRD) has prov ded $7.5 m ll on to the Turk sh confect onery producer Kervan Group, the bank sa d on October 9. Kervan Group w ll use the f ve-year loan to expand operat ons as t works to meet grow ng demand for ts products from consumers n Turkey and abroad. “Investments nclude the purchase of new equ pment, nclud ng a fast-track jelly mold ng l ne to help ncrease product on n ts factory n Man sa, western Turkey,” the EBRD sa d n a statement. Po nt ng to new markets n the Balkans and Eastern Europe, the bank noted that t w ll prov de Kervan Group w th bus ness adv ce on potent al expans on. “The bank w ll also help the company enhance ts corporate governance and ncrease the share of locally sourced raw mater al, strengthen ng ts relat onsh p w th local suppl ers,” the EBRD sa d. Kervan Group, establ shed n 1995, s the country’s lead ng exporter of jelly products w th ts three product on fac l t es n Turkey. In 2017 alone, the EBRD nvested €1.6 b ll on (some $1.8 b ll on) n 51 projects n the country. Nearly a th rd of th s f nanc ng was prov ded n Turk sh l ra.