![](https://news.europawire.eu/wp-content/uploads/2022/01/fmo.jpg)
FMO and partners provide second syndicated loan to Turkey’s Kılıç Deniz for growth and diversification
(IN BRIEF) Dutch development bank FMO, along with French development finance institution Proparco and SDG-focused emerging market credit fund ILX Fund, has provided a €60m ($71.6m) syndicated loan to Turkey’s Kılıç Deniz, a leading aquaculture player. The funds will be used to finance capital expenditures and working capital requirements and expand the company’s sustainable aquaculture growth, including investing in new marine fish farms and processing and packaging units in the Black Sea region of Turkey. Kılıç Deniz, which exports seafood to over 60 countries, has a strong competitive advantage due to its focus on sustainable practices within the aquaculture value chain, and its aquaculture activities have been certified by GLOBALG.A.P and the ASC.
(PRESS RELEASE) THE HAGUE, 7-Apr-2023 — /EuropaWire/ — FMO announced a EUR 60 mln syndicated loan facility to Türkiye’s leading aquaculture player Kılıç Deniz, which grows, produces, and exports sustainably certified fish. Also participating in this transaction are ILX Fund, an SDG-focused emerging market credit fund in Amsterdam, and Proparco, the French development finance institution. The syndicated facility will be used to finance Kılıç Deniz’s capital expenditures and working capital requirements and further expand their sustainable aquaculture growth.
Kılıç Deniz is a leading global supplier of various Mediterranean fish species (exporting seafood to over 60 countries) that started off as a family business in 1993. They operate an integrated aquaculture value chain, which includes juvenile and fish feed production, fish farming in marine and fresh-water cages, and processing and distributing a range of fish products. Full integration in the value chain, a solid track record and impeccable reputation within the industry, and a diversified portfolio have contributed to Kılıç’s strong competitive advantage.
The company further stands out due to its focus on sustainable practices within the aquaculture value chain, having taken considerable steps to be a leader in climate mitigation and adaptation. This has resulted in their aquaculture activities having been certified by GLOBALG.A.P and the ASC and their carbon emissions measured to be ~40% lower than the industry average. Furthermore, they have an integrated environmental and social (E&S) risk management system in place and have made significant and proactive progress with their E&S Action Plan, further underlining their commitment to SDG 12 of Responsible Consumption and Production and SDG 13 of Climate Action.
Kılıç Deniz has been an FMO client since 2019. FMO arranged a syndicated facility in 2021 for EUR 80 mln, with participation from Proparco. This latest syndicated loan – which adds ILX Fund to the mix – aims to finance Kılıç’s growth plan as they expand into a wider range of fish species by investing in new marine fish farms and processing and packaging units in the Black Sea region of Türkiye.
Pieternel Boogaard, Director Agribusiness, Food, and Water at FMO, said, “We are proud to provide our support to the growth of Türkiye’s leading aquaculture company and to their continuous mission to be one of the most sustainable fish producing companies in the Mediterranean and Black Seas, supplying healthy and nutritious food to a vast number of people around the world. Kılıç Deniz takes its social and environmental responsibility very serious and thanks to their efforts in climate adaptation and mitigation we were able to label this transaction 100% green, making this company a role model for the industry. Kılıç Deniz’s purpose aligns very well with our strategic ambition of Climate Action, while its size allows us to mobilize other investors to join us in this syndicated transaction. We are very happy with the relationship we built with this exceptional company.”
Guidance of the syndication in improving sustainable aquaculture practices has been a crucial factor in making Kılıç a world class sustainable aquaculture company
Hakan Uyanık, CEO Kılıç Deniz,said, “FMO and Proparco syndicated loan has been a great support for Kılıç in the past 3 years where Kılıç increased sales by more than 50% and doubled profits. Furthermore, guidance of the syndication in improving sustainable aquaculture practices has been a crucial factor for making Kılıç to become a world class sustainable aquaculture company. We are very pleased to extend our existing syndicated loan by another EUR 60 mln new loan facility with the inclusion of ILX Fund to FMO and Proparco. The new loan will help Kılıç to continue growing mainly with investments in Black Sea Region and other efficiency increase investments. Other than financing, sustainability in all areas will continue to be a major priority. We are grateful to FMO for the arrangement of the syndication, and we are grateful to all syndication partners for their trust.
Scarlett Carré de Malberg, Deputy Head of Debt Department at Proparco, said, “Alongside FMO, Proparco is very pleased to support again Kılıç Deniz, a major actor of sustainable aquaculture in Türkiye. Supporting the expansion of a local value chain, promoting climate adaptation practices, and strengthening an E&S risk management system, reflects Proparco’s 2023-2027 strategy: Acting Together for Greater Impact.”
In addition to reaffirming our commitment with Kılıç Deniz and supporting the Turkish agribusiness and food sector, this transaction supports several SDGs. This includes SDG 13 for Climate Action and SDG 8 for Decent Work and Economic Growth, as the investment will support an increase in direct employees in more rural parts of Türkiye. Furthermore, this transaction supports SDG 2 for Zero Hunger, SDG 12 for Responsible Consumption and Production and SDG 17 for Partnership for the Goals through mobilizing additional funds. As we mobilize impact investors, this syndicated transaction clearly exemplifies the Scale aspect of FMO’s 2030 Strategy: Pioneer, Develop, Scale.
About Proparco
Proparco, a subsidiary of Agence Française de Développement Group, has been working with the private sector for over 45 years for a more just and sustainable world. With an international network of 23 local offices, Proparco works closely with its partners to build sustainable solutions in response to environmental and social challenges in Africa, the Middle East, Asia and Latin America. Proparco benefits from sector-based expertise as well as a wide range of financial solutions tailored to the different stages of business development, notably thanks to its Digital Africa subsidiary, and its Propulse technical assistance offering designed to scale up the impacts and performance of its partners.
Proparco’s new “Acting together for greater impact” Strategy 2023-2027 enables, strengthens and amplifies the different ways in which it works with its partners.
For more information, go to: www.proparco.fr/en @Proparco LinkedIn
About ILX
ILX Management is the Amsterdam-based manager of the emerging market focused private credit fund, ILX Fund I. The USD 1.05 billion fund provides institutional investors access to investment opportunities of the development finance asset class, by investing in private-sector loans arranged by Multilateral Development Banks (MDBs) and Development Finance Institutions (DFIs). The Fund’s investment strategy benefits from the DFI’s experience of investing in EMs, to deliver attractive risk-adjusted returns for its investors, whilst mitigating ESG risks and delivering positive, direct SDG-related results by investing in loans that contribute to the ILX Sustainability Themes.
About Kılıç Deniz
Kılıç Deniz is a sustainable aquaculture company founded by Mr. Orhan Kılıç in 1993. The company employs around 2500 people in 4 main districts in Türkiye and small operations outside of Türkiye. Muğla and Mersin regions include fish farms, packaging and processing units and polystyrene box production units. Feed factory is also located in Muğla region. Kahramanmaraş and Gaziantep region is the home for rainbow trout facilities. Fresh water fish farms and packaging & processing unit are in that region. Since October 2022 fish farm for salmon trout is operating in Artvin. Kılıç Deniz products are seabass, seabream, trout, salmon trout, meagre in whole and processed forms. 70% of total revenue is from outside of Türkiye. Kılıç Deniz is also one of the main suppliers of juvenile fish to local and international aquaculture companies.
Media Contacts:
Monica Beek
Media Spokesperson
T: +31 70 314 9130
M.Beek@fmo.nl
SOURCE: FMO
MORE ON FMO, ETC.:
- Astor Asset Management 3 Ltd: Salinas Pliego Incumple Préstamo de $110 Millones USD y Viola Regulaciones Mexicanas
- Astor Asset Management 3 Ltd: Salinas Pliego Verstößt gegen Darlehensvertrag über 110 Mio. USD und Mexikanische Wertpapiergesetze
- ChargeEuropa zamyka rundę finansowania, której przewodził fundusz Shift4Good tym samym dokonując historycznej francuskiej inwestycji w polski sektor elektromobilności
- Strengthening EU Protections: Robert Szustkowski calls for safeguarding EU citizens’ rights to dignity
- Digi Communications NV announces the release of H1 2024 Financial Results
- Digi Communications N.V. announces that conditional stock options were granted to a director of the Company’s Romanian Subsidiary
- Digi Communications N.V. announces Investors Call for the presentation of the H1 2024 Financial Results
- Digi Communications N.V. announces the conclusion of a share purchase agreement by its subsidiary in Portugal
- Digi Communications N.V. Announces Rating Assigned by Fitch Ratings to Digi Communications N.V.
- Digi Communications N.V. announces significant agreements concluded by the Company’s subsidiaries in Spain
- SGW Global Appoints Telcomdis as the Official European Distributor for Motorola Nursery and Motorola Sound Products
- Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2023 financial year
- Digi Communications N.V. announces the exercise of conditional share options by the executive directors of the Company, for the year 2023, as approved by the Company’s Ordinary General Shareholders’ Meetings from 18th May 2021 and 28th December 2022
- Digi Communications N.V. announces the granting of conditional stock options to Executive Directors of the Company based on the general shareholders’ meeting approval from 25 June 2024
- Digi Communications N.V. announces the OGMS resolutions and the availability of the approved 2023 Annual Report
- Czech Composer Tatiana Mikova Presents Her String Quartet ‘In Modo Lidico’ at Carnegie Hall
- SWIFTT: A Copernicus-based forest management tool to map, mitigate, and prevent the main threats to EU forests
- WickedBet Unveils Exciting Euro 2024 Promotion with Boosted Odds
- Museum of Unrest: a new space for activism, art and design
- Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by companies within Digi Group
- Digi Communications N.V. announces the agreements concluded by Digi Romania (formerly named RCS & RDS S.A.), the Romanian subsidiary of the Company
- Green Light for Henri Hotel, Restaurants and Shops in the “Alter Fischereihafen” (Old Fishing Port) in Cuxhaven, opening Summer 2026
- Digi Communications N.V. reports consolidated revenues and other income of EUR 447 million, adjusted EBITDA (excluding IFRS 16) of EUR 140 million for Q1 2024
- Digi Communications announces the conclusion of Facilities Agreements by companies from Digi Group
- Digi Communications N.V. Announces the convocation of the Company’s general shareholders meeting for 25 June 2024 for the approval of, among others, the 2023 Annual Report
- Digi Communications NV announces Investors Call for the presentation of the Q1 2024 Financial Results
- Digi Communications intends to propose to shareholders the distribution of dividends for the fiscal year 2023 at the upcoming General Meeting of Shareholders, which shall take place in June 2024
- Digi Communications N.V. announces the availability of the Romanian version of the 2023 Annual Report
- Digi Communications N.V. announces the availability of the 2023 Annual Report
- International Airlines Group adopts Airline Economics by Skailark ↗️
- BevZero Spain Enhances Sustainability Efforts with Installation of Solar Panels at Production Facility
- Digi Communications N.V. announces share transaction made by an Executive Director of the Company with class B shares
- BevZero South Africa Achieves FSSC 22000 Food Safety Certification
- Digi Communications N.V.: Digi Spain Enters Agreement to Sell FTTH Network to International Investors for Up to EUR 750 Million
- Patients as Partners® Europe Announces the Launch of 8th Annual Meeting with 2024 Keynotes and Topics
- driveMybox continues its international expansion: Hungary as a new strategic location
- Monesave introduces Socialised budgeting: Meet the app quietly revolutionising how users budget
- Digi Communications NV announces the release of the 2023 Preliminary Financial Results
- Digi Communications NV announces Investors Call for the presentation of the 2023 Preliminary Financial Results
- Lensa, един от най-ценените търговци на оптика в Румъния, пристига в България. Първият шоурум е открит в София
- Criando o futuro: desenvolvimento da AENO no mercado de consumo em Portugal
- Digi Communications N.V. Announces the release of the Financial Calendar for 2024
- Customer Data Platform Industry Attracts New Participants: CDP Institute Report
- eCarsTrade annonce Dirk Van Roost au poste de Directeur Administratif et Financier: une décision stratégique pour la croissance à venir
- BevZero Announces Strategic Partnership with TOMSA Desil to Distribute equipment for sustainability in the wine industry, as well as the development of Next-Gen Dealcoholization technology
- Digi Communications N.V. announces share transaction made by a Non-Executive Director of the Company with class B shares
- Digi Spain Telecom, the subsidiary of Digi Communications NV in Spain, has concluded a spectrum transfer agreement for the purchase of spectrum licenses
- Эксперт по торговле акциями Сергей Левин запускает онлайн-мастер-класс по торговле сырьевыми товарами и хеджированию
- Digi Communications N.V. announces the conclusion by Company’s Portuguese subsidiary of a framework agreement for spectrum usage rights
- North Texas Couple Completes Dream Purchase of Ouray’s Iconic Beaumont Hotel
- Предприниматель и филантроп Михаил Пелег подчеркнул важность саммита ООН по Целям устойчивого развития 2023 года в Нью-Йорке
- Digi Communications NV announces the release of the Q3 2023 Financial Results
- IQ Biozoom Innovates Non-Invasive Self-Testing, Empowering People to Self-Monitor with Laboratory Precision at Home
- BevZero Introduces Energy Saving Tank Insulation System to Europe under name “BevClad”
- Motorvision Group reduces localization costs using AI dubbing thanks to partnering with Dubformer
- Digi Communications NV Announces Investors Call for the Q3 2023 Financial Results
- Jifiti Granted Electronic Money Institution (EMI) License in Europe
- Предприниматель Михаил Пелег выступил в защиту образования и грамотности на мероприятии ЮНЕСКО, посвящённом Международному дню грамотности
- VRG Components Welcomes New Austrian Independent Agent
- Digi Communications N.V. announces that Digi Spain Telecom S.L.U., its subsidiary in Spain, and abrdn plc have completed the first investment within the transaction having as subject matter the financing of the roll out of a Fibre-to-the-Home (“FTTH”) network in Andalusia, Spain
- Продюсер Михаил Пелег, как сообщается, работает над новым сериалом с участием крупной голливудской актрисы
- Double digit growth in global hospitality industry for Q4 2023
- ITC Deploys Traffic Management Solution in Peachtree Corners, Launches into United States Market
- Cyviz onthult nieuwe TEMPEST dynamische controlekamer in Benelux, Nederland
- EU-Funded CommuniCity Launches its Second Open Call
- Astrologia pode dar pistas sobre a separação de Sophie Turner e Joe Jonas
- La astrología puede señalar las razones de la separación de Sophie Turner y Joe Jonas
- Empowering Europe against infectious diseases: innovative framework to tackle climate-driven health risks
- Montachem International Enters Compostable Materials Market with Seaweed Resins Company Loliware
- Digi Communications N.V. announces that its Belgian affiliated companies are moving ahead with their operations
- Digi Communications N.V. announces the exercise of conditional share options by an executive director of the Company, for the year 2022, as approved by the Company’s Ordinary General Shareholders’ Meeting from 18 May 2021
- Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2022 financial year
- Digi Communications N.V. announces the availability of the 2022 Annual Report
- Digi Communications N.V. announces the general shareholders’ meeting resolutions from 18 August 2023 approving amongst others, the 2022 Annual Accounts
- Русские эмигранты усиливают призывы «Я хочу, чтобы вы жили» через искусство
- BevZero Introduces State-of-the-Art Mobile Flash Pasteurization Unit to Enhance Non-Alcoholic Beverage Stability at South Africa Facility
- Russian Emigrés Amplify Pleas of “I Want You to Live” through Art
- Digi Communications NV announces the release of H1 2023 Financial Results
- Digi Communications NV Announces Investors Call for the H1 2023 Financial Results
- Digi Communications N.V. announces the convocation of the Company’s general shareholders meeting for 18 August 2023 for the approval of, among others, the 2022 Annual Report
- “Art Is Our Weapon”: Artists in Exile Deploy Their Talents in Support of Peace, Justice for Ukraine
- Digi Communications N.V. announces the availability of the 2022 Annual Financial Report
- “AmsEindShuttle” nuevo servicio de transporte que conecta el aeropuerto de Eindhoven y Ámsterdam
- Un nuovo servizio navetta “AmsEindShuttle” collega l’aeroporto di Eindhoven ad Amsterdam
- Digi Communications N.V. announces the conclusion of an amendment agreement to the Facility Agreement dated 26 July 2021, by the Company’s Spanish subsidiary
- Digi Communications N.V. announces an amendment of the Company’s 2023 financial calendar
- iGulu F1: Brewing Evolution Unleashed
- Почему интерактивная «Карта мира» собрала ключевые антивоенные сообщества россиян по всему миру и становится для них важнейшим инструментом
- Hajj Minister meets EU ambassadors to Saudi Arabia
- Online Organizing Platform “Map of Peace” Emerges as Key Tool for Diaspora Activists
- Digi Communications N.V. announces that conditional stock options were granted to executive directors of the Company based on the general shareholders’ meeting approval from 18 May 2021
- Digi Communications N.V. announces the release of the Q1 2023 financial results
- AMBROSIA – A MULTIPLEXED PLASMO-PHOTONIC BIOSENSING PLATFORM FOR RAPID AND INTELLIGENT SEPSIS DIAGNOSIS AT THE POINT-OF-CARE
- Digi Communications NV announces Investors Call for the Q1 2023 Financial Results presentation
- Digi Communications N.V. announces the amendment of the Company’s 2023 financial calendar
- Digi Communications N.V. announces the conclusion of two Facilities Agreements by the Company’s Romanian subsidiary
- Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by the Company’s Romanian subsidiary
- Patients as Partners Europe Returns to London and Announces Agenda Highlights
- GRETE PROJECT RESULTS PRESENTED TO TEXTILE INDUSTRY STAKEHOLDERS AT INTERNATIONAL CELLULOSE FIBRES CONFERENCE
- Digi Communications N.V. announces Digi Spain Telecom S.L.U., its subsidiary in Spain, entered into an investment agreement with abrdn to finance the roll out of a Fibre-to-the-Home (FTTH) network in Andalusia, Spain
- XSpline SPA / University of Linz (Austria): the first patient has been enrolled in the international multicenter clinical study for the Cardiac Resynchronization Therapy DeliveRy guided by non-Invasive electrical and VEnous anatomy assessment (CRT-DRIVE)
- Franklin Junction Expands Host Kitchen® Network To Europe with Digital Food Hall Pioneer Casper
- Unihertz a dévoilé un nouveau smartphone distinctif, Luna, au MWC 2023 de Barcelone
- Unihertz Brachte ein Neues, Markantes Smartphone, Luna, auf dem MWC 2023 in Barcelona
- Editor's pick archive....