January 30 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said that it is providing a $90 million (81.69 million euro) loan to Luxembourg-headquartered agro-industrial group Sodrugestvo to support its investment in Turkey and its plans to enhance operations in eastern Europe.
Some $80 million of EBRD's financing will be used to fund Sodrugestvo's acquisition of a multi-seed crushing plant in Izmir from local soybean processing company Altinyag. Some $25 million of the sum is expected to be syndicated to foreign lenders, the bank said in a statement on Thursday.
Sodrugestvo will use the remaining $10 million of the bank's funds to boost its network of agricultural suppliers in eastern Europe.
Sodrugestvo is focused on increasing the profitability and sustainability of its Turkish arm as part of a plan to make the subsidiary a leading national and regional soybean processor, according to the statement.
Sodrugestvo manufactures proteins and oils and distributes agricultural commodities worldwide. It has over 30 subsidiaries in 20 countries.
($ = 0.9078 euro)