The European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB) have agreed to provide a $1m loan to Turkish confectionary maker Tören Gıda.

The confectioner will use the investment to expand its production capacity and enter new markets.

Located in the southeastern Turkish city of Gaziantep, Tören Gıda is engaged in the production of wafers, nougat and coconut bars, as well as chocolate products.

Its products are exported to more than 50 countries across the globe.

The banking firms will equally divide the funding between them. The loan will be used to finance Tören Gıda’s working capital needs, such as cocoa, flour, sugar and other ingredients, as well as packaging supplies.

EBRD and TSKB’s loan will enable the company to invest in a new chocolate line with updated packaging technology, increased automation and a warehouse.

It is expected that these improvements will help the company to double its production capacity.

The company will also be able to export its products to new markets, such as the US, Germany and Asia Pacific (APAC) countries.

The banking duo offered the loan under a joint programme, which aims to enhance and simplify access to funding for small and medium-sized enterprises (SMEs) across Turkey.

Earlier this year, the EBRD offered a risk-sharing facility of €50m with TSKB resources, which is expected to facilitate lending to private industrial companies for a total of €100m.

Last January, EBRD agreed to provide financial support to Turkey’s honey company Altıparmak Gida Sanayi ve Ticaret (Altıparmak Gida) to improve its value chain.

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