European bank lends $17.2M to Turkish chemicals firm
European Bank for Reconstruction and Development loan to help Egesil Kimya increase production of precipitated silica
Ankara
By Tuba Sahin
ANKARA
European Bank for Reconstruction and Development (EBRD) has provided a loan of €15 million ($17.2 million) to a Turkish chemicals maker Egesil Kimya.
Egesil Kimya will increase its precipitated silica production, a key component of energy-efficient tyres that reduce carbon emissions, the bank said in a statement on Thursday.
The company will use the loan to build a new plant, which will increase the production capacity by 40,000 tons by 2020 in the northernwestern province of Sakarya.
The EBRD has invested almost €11 billion ($12.5 billion) in Turkey -- a top destination for the bank’s finance -- through more than 280 projects with a focus on investment in sustainable energy, improving infrastructure, strengthening the competitiveness of the private sector, deepening capital and local currency markets, and promoting regional and youth inclusion and gender equality.
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