TSKB and EBRD support Ulusoy Flour with a loan worth TL 40 million

14 January 2021
- 3 min Read

TSKB and EBRD continue to create funds under the joint program they launched in order to improve private sector access to funds around Turkey. Having previously enjoyed co-financing by TSKB and EBRD in 2017 and 2019, Ulusoy Flour now benefits the facility for a third time. TSKB and EBRD offer Ulusoy Flour in Samsun a loan worth TL 40 million.

The Industrial Development Bank of Turkey (TSKB) and the European Bank for Reconstruction and Development (EBRD) extend a loan worth TL 40 million to Samsun-based Ulusoy Flour as support for working capital. This marks the third time when Ulusoy Flour benefits the loan to be offered at a rate of 50% by each bank, having previously been extended the same loan in 2017 and 2019 and taken out EUR 12 million in total.

Ulusoy Flour will use this TL 40 million loan facility to meet the rising demand in the food sector due to the effects of COVID-19, increase production and provide equal opportunities in employment. The loan by TSKB and EBRD will also support the improvement of equal opportunities at Ulusoy Flour.

TSKB and EBRD signed the first risk sharing agreement in 2016. The next risk sharing agreement between the parties was signed in the second half of 2019 and served as the second phase of the initial agreement. The risk sharing agreement is a tool to support and finance the investments and working capital needs of private companies in Turkey.