Turkish flour producer secures fresh financing from EBRD and TSKB

Turkish flour producer Ulusoy Un has secured a fresh round of financing from the European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB) as flour remains in high demand from pasta makers, bakeries, and households in lockdown.

EBRD and TKSB, the Industrial Development Bank of Turkey, will offer a joint loan of YTL40m (€4.4m) to finance the working capital needs of the flour producer.

The Turkish company will use the money to meet the increasing demand from pasta makers, bakeries, and locked-down customers as the pandemic continues.

It will be the third time that Ulusoy Un will be benefitting from the EBRD and TSKB co-financing programme.

The programme is designed to improve and simplify access to finance for businesses across Turkey.

Established in 1989, Ulusoy Un is based in Samsun, Turkey, and engaged in the production and distribution of flour commodities used for developing bread, biscuits, chapattis and noodles.

The company processes 2,100mt of wheat on a daily basis and exports it to 86 countries across five continents.

EBRD is said to be one of the major investors in the Turkish economy. Last year, the bank provided a €1.7bn investment despite the Covid-19 outbreak.

In November 2019, EBRD and TSKB agreed to grant Turkish flour producer Ulusoy Un a loan.