Turkish chocolate manufacturer Altinmarka Gida Sanayi Ve Ticaret has secured fresh loans to increase its chocolate and cocoa powder production capacity.

The European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB), the industrial development bank of Turkey, will jointly provide an €11m working capital loan to Altinmarka.

EBRD Turkey managing director Arvid Tuerkner said: “This loan marks the beginning of our relationship with Altinmarka and we are very pleased to lend our support to this excellent Turkish company.

“In a competitive environment and under challenging circumstances Altinmarka is demonstrating great resilience. We are proud to join forces with TSKB to lead Altinmarka to further growth and success.”

A unit of the Altinmarka Group, Altinmarka is engaged in the production and distribution of cocoa powder, butter, liquor and industrial chocolate to the global chocolate, confectionery, pharmaceutical and cosmetic industries.

Altinmarka will use the loan to purchase cocoa, coffee beans, milk powder, sugar and other ingredients, as well as packaging supplies.

Altinmarka owner and board chairman Birol Altinkilic said: “We are very happy for the financial support of the EBRD and TSKB for our group’s working capital needs.

“At Altinmarka Group, we believe this is a good start for our future relationship. I would like to thank the EBRD and TSKB management teams for their confidence in our organisation. I hope our business together will steadily increase.”

Since 2017, Altinmarka Group has been an important client of TSKB.

Last November, EBRD and TSKB agreed to grant a loan to the Turkish flour producer Ulusoy Un.

based in Samsun, Ulusoy Un manufactures flour that is used for making a wide range of food products such as bread, biscuits, chapattis and noodles.