Photo courtesy of EBRD.
The EBRD funding is part of two larger financing packages. The first, a $28 million loan, is part of a comprehensive financing of $230 million extended by a syndicate led by ABN Amro. Other lenders include the Dutch development bank FMO, Rabobank, HSBC, Société Générale, Amsterdam Trade Bank, Credit Suisse, British Arab Commercial Bank and Gazprombank.
The remaining $20 million from the EBRD is part of a $65 million facility arranged by FMO with the participation of Proparco, the investment arm of the French Development Agency.
The funds will provide long-term financing for the company’s day-to-day operations such as processing, storing and trading grains, feed, oilseeds, corn, pulses and nuts. The company also plans to expand into new markets such as North America and Europe, and strengthen its focus on organic products — a higher value-added business with higher profits.
Established in 1980 as a family business in Anatolia, Tiryaki has grown into the leading agricultural commodity supply chain manager in Turkey, operating in line with the highest international standards. The EBRD has been a shareholder since 2012 and has to date provided $46.5 million in financing.
EBRD is an investor in Turkey. Since 2009 it has invested €10 billion in various sectors of the Turkish economy, with almost all investments in the private sector.
In 2017 alone, the EBRD said it invested €1.6 billion in 51 projects in the country. Nearly a third of this financing was provided in Turkish lira.