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 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 an agricultural commodity supply chain manager, sourcing products from 20 countries and exporting to 60 countries.
The EBRD is a major investor in Turkey, with $12 billion invested since 2009. In 2017 alone, the bank invested nearly $2 billion in 51 projects in Turkey.
