EBRD issues €4.4 million loan to Turkish company
Baku, Azerbaijan, Jan. 5
By Nigar Guliyeva – Trend:
The European Bank for Reconstruction and Development (EBRD) has issued a 20 million Turkish lira loan (€4.4 million equivalent) to Altıparmak Gida Sanayi ve Ticaret A.S. to support the company’s advancement on the value chain.
The Bank reported that the funds will allow Altıparmak Gida to enhance its natural honey and bee product range, which it packages under the brand name Balparmak. It will also finance the company’s development of new value-added apitherapy (a branch of alternative medicine based on honey bee products) supplements and functional bee products such as pollen, propolis and royal jelly.
The development of these new products will be based on the work of Altıparmak’s high-tech in-house research-and-development centre, which was licensed in 2016 and has become a driving force behind the company’s growth, particularly in foreign markets.
The EBRD credit will also refinance existing loans, enabling the company to focus on leading-edge innovation and its growth plans.
Ozen Altıparmak, Chairman of Altıparmak Gida, voiced belief that the cooperation with the EBRD will support its dedication to provide consumers with natural honey and value-added bee products that will sustainably contribute to healthier lifestyles well into the future.
The EBRD is a major investor in Turkey. To date, the Bank has invested over €9.5 billion in various sectors of the country’s economy, with almost all investments in the private sector. In 2017 alone, the Bank has exceeded €1.5 billion in investments in Turkey making it again the EBRD’s largest country of operations by investment volume.