- EBRD provides US$ 7.5 million loan to Turkey’s largest exporter of jelly products
- Kervan Group to invest in new equipment, expand operations and enhance corporate governance standards
The loan will help the company expand operations as it works to meet growing demand for its products from consumers in Turkey and abroad. Investments include the purchase of new equipment – a Fast-Track jelly moulding line to help increase production in its factory in Manisa, western Turkey.
In addition, the EBRD is providing Kervan with business advice on potential expansion into new markets in the Balkans and Eastern Europe.
The Bank will also help the company enhance its corporate governance and increase the share of locally sourced raw material, strengthening its relationship with local suppliers.
Founded in 1995 by the Basar family, Kervan is the largest jelly exporter in Turkey and also produces other confectionery products such as liquorice, marshmallows, lollipops and gums. It has three production facilities in Turkey and multiple representative offices abroad. The company employs a total of 1,400 staff.
The EBRD is a major investor in Turkey. Since 2009 it has invested nearly €11 billion in various sectors of the Turkish economy, with almost all investment in the private sector.