EBRD to support Turkish agribusiness firm Yayla Agro
Turkish pulse manufacturer Yayla Agro has received a €20m loan from the European Bank for Reconstruction and Development (EBRD) to boost agribusiness in the country.
Headquartered in Ankara, Yayla Agro has its productions facilities in Mersin and Kazan, which collectively produce 820,000t of pulses and rice a year.
The company exports its products to more than 45 countries and is reported to have tripled its sales over the last three years, as well as plans to increase its share of sales in value-added products.
The Taiwan International Cooperation and Development Fund (Taiwan ICDF) will be providing €6m as a portion of total loan amount, marking the first time that the EBRD will be co-financing a project with Taiwan ICDF in Turkey’s corporate sector.
Yayla Agro will be using this amount to establish a new plant in Mersin for organic ready-to-eat products.
EBRD Turkey managing director Jean-Patrick Marquet said: “The nature of Yayla Agro’s business requires the company to be able to buy a sufficient quantity of legumes at harvest and throughout the year.
“The bank’s loan will provide long-term financing to support the company’s day-to-day operations, refinance existing loans and help it venture into the new 'ready-to-eat' niche which will help Yayla Agro conquer new markets.”
With EBRD’s financial assistance, the company is also planning to improve its corporate governance and transform it from a family business to a modern corporation.
Yayla Agro board of directors chairman Hasan Gümüs said: “Yayla Agro are working hard to be among the best firms in terms of responding to the consumption habits of customers through our R&D and market research.
“We are shaping our production, supply chain and product range for the future with a view to adding value for all our customers. We have customers in national and local supermarkets, discount markets, and through home-based shopping channels and dealers in local and international markets.
“We work hard to add value by improving our healthy, delicious, value-added product range every day.”
Image: EBRD offers financial assistance to Yayla Agro in Turkey. Photo: courtesy of the European Bank for Reconstruction and Development.