EBRD loans Turkish agricultural firm $48M for expansion

By Gokhan Ergocun

ANKARA (AA) - The European Bank for Reconstruction and Development (EBRD) is providing a $48 million loan for leading Turkish agricultural firm Tiryaki Agro to support its expansion into new markets and investments, the bank announced on Thursday.

"The funds will provide long-term financing for the company’s day-to-day operations such as processing, storing and trading pulses, grains, feed, oilseeds, corn and nuts," said an ERBD press release.

With the financing, the firm aims to enter new markets -- including North America and Europe -- and make value-added organic production, the bank said.

Tiryaki Agro, established in 1980, is a agricultural commodity supply chain manager. The EBRD, with $10 billion in investments since 2009, is a major investor in the country.