EBRD provides loan to confectioner Kervan Gıda

LONDON

The European Bank for Reconstruction and Development (EBRD) is providing a long-term loan of 22 million euros to Kervan Gıda, the leading exporter of jelly sweets in Türkiye.

The funds will be used to finance capital expenditure investments to increase the capacity of the company’s jelly and licorice production lines, install solar panels and improve its wastewater treatment methods.

The solar panel investment will enable the company to reduce the CO2 emissions from its operations by more than 4,000 tons annually.

The loan will also be instrumental in improving human resources practices, including lifelong learning and career management to increase the representation of women in the workforce, the EBRD said in a statement.

Exports account for more than 70 percent of the publicly listed company’s revenue.

“We are confident that, through this loan, Kervan will increase its competitiveness, expand its renewable energy sources and further enhance its employee engagement,” said Natalia Zhukova, the EBRD’s head of agribusiness.

This loan will allow Kervan to finance important investments that will increase the company's competitiveness, commented Burhan Başar, the CEO of Kervan Gıda.

“It will also play a major role in our investments in renewable energy resources.”

To date, the EBRD has invested more than 18 billion euros in various sectors of the Turkish economy, largely in the private sector.