- EBRD loan to Kervan to finance investments in production and sustainability
- Kervan to use funds to increase capacity, install renewables, manage waste water
- Investment programme to include solar panel investment, HR programmes
The European Bank for Reconstruction and Development (EBRD) is providing a long-term loan of €22 million to Kervan Gıda Sanayi ve Ticaret A.Ş, the leading exporter of jelly sweets in Turkiye.
The funds will be used to finance capital expenditure investments to increase the capacity of the company’s jelly and liquorice production lines, install solar panels and improve its waste water treatment methods.
The solar panel investment will enable the company to reduce the CO2 emissions from its operations by more than 4,000 tonnes 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.
Kervan is the leading producer of jelly sweets in Turkiye, with exports accounting for more than 70 per cent of the company’s revenue. Headquartered in Istanbul, it is publicly listed.
Natalia Zhukova, the EBRD’s Head of Agribusiness, said: “We are pleased to be building on our existing relationship with Kervan. We are confident that, through this loan, Kervan will increase its competitiveness, expand its renewable energy sources and further enhance its employee engagement.”
Kervan Gıda Chief Executive Officer Burhan Başar said:”We are pleased to continue our strong cooperation with the EBRD. This loan will allow us to finance important investments that will increase our company’s competitiveness. It will also play a major role in our investments in renewable energy resources. Through these efforts, we will be contributing to our country’s economy as well.”
To date, the EBRD has invested more than €18 billion in various sectors of the Turkish economy, largely in the private sector.