May 22 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Friday it is providing a 25 million euro ($27.3 million) working capital loan to Turkish pulses and ready-to-eat food producer Yayla Agro to finance its operations.
The loan will help the company boost its production so as to meet the rising demand for pulses in response to the coronavirus outbreak, the EBRD said in a statement.
"As consumers across the globe are stocking up on food essentials, we have seen dry beans and other pulses as well as Yayla’s ready-made meals flying off store shelves here in Turkey. The EBRD’s working capital loan will help Yayla meet the rising demand not only at home but also abroad," Arvid Tuerkner, EBRD managing director for Turkey, said.
The new financing is part of the EBRD’s efforts to help countries where it invests combat the impact of the coronavirus and support the recovery. The EBRD is ready to provide support worth 21 billion euro over the 2020-21 period.
($ = 0.9169 euro)