The European Bank for Reconstruction and Development (EBRD) has given a €10m loan to Turkey’s dairy producer Mar Tuketim Maddeleri Ihracat Ithalat San. Ve Tic. A.S., which is known under the brand name Kay.
The loan amount will help the company to renovate its production facility to and move it beside Kay's existing feed mill, which is strategically placed on the highway connecting Istanbul and Izmir.
The move will help in logistics management and conserve the use of energy and water. With the money, Kay will also be able to invest in new equipment to support the expansion of its yoghurt and white cheese products.
The Turkish dairy producer will also use EBRD loan amount to fulfill its financial obligations such as repayment of existing loans.
Kay was founded in 1950s in Balikesir, Western Turkey, by the Ayhan family and is currently one of the top ten Turkish dairy producers in terms of sales.
The company is also considered a leading UHT goat milk producer in the country and has recently begun its own goat farm to improve product quality and efficiency.
Kay general manager Ergün Ayhan said: "With the support of the EBRD, we will be able to start commercial production in our new facility. We will also be able to pack fresh goat milk which will be coming from our own goat farm nearby. This project will allow us to grow together with all our farmers and distributors."
EBRD began investing in Turkey in 2009 and currently has offices in Istanbul, Ankara and Gaziantep. So far, EBRD has provided €6bn to Turkey through 160 projects in infrastructure, energy, agribusiness, industry and finance.
Image: Kay will be able to expand its cheese offerings with the loan amount. Photo: Courtesy of Suat Eman/ FreeDigitalPhotos.net.
