European bank loans €25M to Turkish packaging firm

By Tuba Sahin

ANKARA (AA) - The European Bank for Reconstruction and Development (EBRD) is providing a €25 million ($28 million) loan to a Turkish packaging firm to promote resource efficiency and environmentally friendly practices, the bank announced on Tuesday.

The bank said the loan to Sarten Ambalaj would help the firm reduce the consumption of steel plates in metal packaging and cut down the energy and the materials it uses in the production of plastic packaging, driving carbon emissions down.

“This EBRD loan will help us use our resources more effectively and make our production more environmentally friendly," said Zeki Saribekir, the company's CEO.

The financing will also pave the way for the company to further expand overseas operations while strengthening competitiveness in both domestic and foreign markets.

Founded in 1972, Sarten Ambalaj manufactures metal containers for a variety of industries, including canned foods, cooking oil, aerosols, pesticides, engine oils, and paints.

It also produces plastic packaging for paints, ketchup, cleaning materials and cosmetics industries.

The company currently exports to more than 50 countries.

In 2015, the Japanese investment and trading conglomerate Mitsui acquired a 15% stake in the firm.

The EBRD, a leading institutional investor in Turkey, has invested over €11 billion in 283 projects in the country since 2009.