EBRD Backs Turkish confectioner Kervan Gıda’s Green Expansion with €22 Million Loan

EBRD Backs Turkish confectioner Kervan Gıda’s Green Expansion with €22 Million Loan

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) is providing a €22 million long-term loan to Kervan Gıda Sanayi ve Ticaret A.Ş, a major Turkish jelly sweets exporter. The funds will support the expansion of jelly and liquorice production lines, installation of solar panels for renewable energy, and advancements in waste water treatment. By implementing solar panels, Kervan aims to reduce CO2 emissions by over 4,000 tonnes annually. The loan will also drive improvements in human resources practices, including fostering lifelong learning and increasing women’s representation in the workforce. Kervan Gıda, headquartered in Istanbul, leads Turkey’s jelly sweets industry with over 70% of revenue coming from exports. The EBRD’s investment approach aligns with private sector growth and sustainable initiatives.

(PRESS RELEASE) LONDON, 4-Sep-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD), a multilateral developmental investment bank, is extending a substantial €22 million long-term loan to Kervan Gıda Sanayi ve Ticaret A.Ş, Turkey’s prominent exporter of jelly sweets. This financial support is directed towards enhancing the company’s growth prospects through capital expenditure investments. The investments encompass augmenting the capacity of jelly and liquorice production lines, implementing solar panels for renewable energy, and advancing waste water treatment methods.

The introduction of solar panels holds significant environmental implications, projected to curtail CO2 emissions by more than 4,000 tonnes annually. This sustainable initiative aligns with the bank’s commitment to fostering green practices in businesses.

Beyond infrastructural upgrades, the loan also encompasses a vital aspect of human resources. Kervan aims to elevate workforce practices, with a focus on lifelong learning and career management, contributing to increased representation of women in its workforce.

Kervan Gıda stands as Turkey’s foremost jelly sweets producer, commanding a significant presence in the international market, where exports constitute over 70% of the company’s revenue. Based in Istanbul, the publicly listed company exemplifies leadership in its sector.

Natalia Zhukova, the EBRD’s Head of Agribusiness, said: “We are pleased to be building on our existing relationship with Kervan. We are confident that, through this loan, Kervan will increase its competitiveness, expand its renewable energy sources and further enhance its employee engagement.”

Kervan Gıda Chief Executive Officer Burhan Başar said: “We are pleased to continue our strong cooperation with the EBRD. This loan will allow us to finance important investments that will increase our company’s competitiveness. It will also play a major role in our investments in renewable energy resources. Through these efforts, we will be contributing to our country’s economy as well.”

The EBRD’s commitment to Turkey’s economic growth is evident through its multifaceted investments exceeding €18 billion across various sectors. The majority of these investments have been channeled into the private sector, fostering development and progress.

Media contact:

Tel: +44 207 338 7805
Email: press@ebrd.com

SOURCE: EBRD