Turkish flour maker Ulusoy Un gets EBRD, TSKB loan to help it keep up with high demand amid lockdowns

By bne IntelIiNews January 14, 2021

Turkish flour producer Ulusoy Un is to get a fresh financial shot in the arm to help it 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, or the Industrial Development Bank of Turkey) are jointly providing a Turkish lira (TRY) 40mn ($5.4mn) 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 tonnes, it exports to 86 countries on five continents.

The EBRD is a major investor in the Turkish economy. In coronavirus-hit 2020, the EBRD provided €1.7bn in investment to Turkey.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Uzbekistan’s key rate held at 14% as central bank points to fears over reacceleration of inflation

Uzbekistan's central bank on April 25 kept its benchmark interest rate on hold at 14%, pointing to risks that inflation could once more accelerate. Planned hikes of state-regulated prices for ... more

Bulgaria's BACB to acquire 99.94% of Tokuda Bank

The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated. The two banks are among the smallest in Bulgaria ... more

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    9 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    6 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    4 days ago
  5. The models are wrong, climate change is accelerating faster than predicted
    1 day ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    27 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss