January 15 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) and the Industrial Development Bank of Turkey (TSKB) are jointly providing a 40 million lira ($5.4 million/4.5 million euro) loan to finance the working capital needs of Turkish flour producer Ulusoy Un, the EBRD said.
"Ulusoy Un is receiving a fresh financial boost to keep up with high demand from pasta-makers, bakeries and locked-down customers as the coronavirus pandemic continues," the EBRD said in a statement on Thursday.
This is the third time that Ulusoy Un will benefit from the EBRD and TSKB co-financing programme which aims to improve access to finance for businesses across Turkey, the statement read.
Samsun-based Ulusoy Un, established in 1989, is active in the production and sale of flour used for the production of bread, biscuits, chapattis and noodles. The company has the capacity to produce a total of 900 metric tonnes of flour per day at its mills, according to information published on its website.
(1 euro = 8.97236 lira)