Turkish beverage producer Uludag is set to expand its operations with a €15mn loan from the European Bank for Reconstruction and Development (EBRD).
The loan will finance research and development (R&D) investments that will enhance the company’s competitiveness at home and abroad, according to the EBRD.
The development bank said: “A firm with a century-long history, Uludag is run by the third and fourth generations of the founding family. It operates two modern facilities in Turkey’s eastern province of Bursa where it bottles soft drinks and mineral water. Named after a picturesque nearby mountain, Uludag is a household name in Turkey but also popular abroad, including in the Middle East and North Africa and in Central Asia.
“Committed to continuous modernisation, Uludag will use the EBRD loan to invest in R&D and production upgrades, in working capital needs and in the refinancing of short-term debt. The new funds will also help the company boost its export potential and emerge stronger from the coronavirus pandemic.”
The EBRD has previously provided a €30mn loan to Uludag.
Enhancing the competitiveness of successful Turkish companies is among the bank’s priorities in Turkey, the lender said.
The EBRD has to date invested almost €13.5bn in Turkey through about 340 projects, with 96% of these in the private sector.
In 2021, the bank plans to keep up a focus on investments that support a sustainable and inclusive post COVID-19 recovery.
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