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Turkey: European development bank backs organic farming

Turkey: European development bank backs organic farming
European Bank for Reconstruction and Development provides nearly $18M loan to Isik Tarim to finance its expansion

By Burak Dag and Tuba Sahin

IZMIR, Turkey (AA) - The European Bank for Reconstruction and Development (EBRD) and a Turkish organic farming company have signed a €16 million (nearly $18 million) financing deal to help take the firm to the next level.

Isik Tarim will use the loan to expand its production and reduce waste, said the EBRD on Tuesday.

"The EBRD funds will enable the company to build a new hazelnut processing plant in Eregli, in the Black Sea region of Turkey, and finance the expansion of freeze-dried fruit production at its Afyon plant in central Anatolia," the statement said.

It will also allow the company to improve its land management, introduce energy and resource-saving technologies, as well as reduce and recover waste, reconfirming its commitment to sustainability.

"The EBRD never stopped investing in Turkey even during difficult times, because there are always good projects you can find in Turkey, and Isik Organic is one of those," Arvid Tuerkner, the EBRD managing director for Turkey, told Anadolu Agency.

Mehmet Ali Isik, the founder of Isik Tarim, said the loan will help them promote sustainable organic agriculture in Turkey.

"With these funds, we will expand the area we harvest from and be able to work with even more farmers," he added.

Isik Tarim, employing almost 1,500 people, exports organic dried fruits and nuts to more than 30 countries, including Australia, Canada, the EU countries, Japan, and the U.S.

As a leading institutional investor in Turkey, the EBRD has invested €11.5 billion (some $13 billion) in the country since 2009, including investments last year alone totaling some $1.2 billion and $621.5 million in 2019.

source: News Feed
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