European bank loans $18M to Turkish soft drinks maker

Loan to be used for R&D investments that will strengthen firm’s competitiveness at home, abroad, says EBRD

By Aysu Bicer

ANKARA (AA) - The European Bank for Reconstruction and Development (EBRD) on Tuesday said it will provide a €15 million (nearly $18 million) loan to support Uludag, one of Turkey’s leading soft drinks producer.

According to a statement by EBRD, the loan will help the company expand its operations both at home and abroad.

"The loan will finance research and development (R&D) investments that will enhance the company’s competitiveness," it said, adding this will also help the company enhance its export potential.

Previously, the EBRD had also provided a €30 million loan to Uludag.

As a leading institutional investor in Turkey, the EBRD has invested €13.5 billion through more than 340 projects in the country since 2009.

In 2021, the bank will focus on investments that support a sustainable and inclusive post COVID-19 recovery.

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