EBRD extends US$ 50 million loan to Turkey’s AKSA

By Sergiy Grytsenko

The EBRD is promoting higher environmental standards and energy efficiency in Turkey’s industrial sector with a US$ 50 million loan to Turkish producer of acrylic fiber, Aksa Akrilik Kimya Sanayi A.S (AKSA).

The loan will be used to boost the company’s operational efficiency by optimising production processes and reducing operational costs at AKSA’s plant in Yalova, in north-western Turkey. The total cost of the improvements stands at around US$ 60 million.

With the EBRD’s help, AKSA will implement measures that will improve its environmental performance and help achieve best international practices in plant and worker safety, as well as risk management.  The project will help Aksa reduce its carbon footprint and set improved standards in Turkish industry while also encouraging other players to achieve similar standards.

“The EBRD is committed to supporting energy efficiency finance programmes in Turkey. We are delighted to sign this new contract, which will help AKSA remain a competitive international industrial producer. We hope it will set a shining example for other Turkish companies to follow, especially in other energy-intensive sectors,” said Alain Pilloux, EBRD Managing Director for Industry, Commerce and Agribusiness.

Speaking during a loan signing ceremony, Mehmet Ali Berkman, Akkök Chief Executive Officer and Aksa Chairman said that with this EBRD loan, Aksa would be able to undertake a series of strategic investments and pursue further improvements.

“We aim to achieve best international practices, worker safety and risk management at the plant by implementing particular environment and social management and performance enhancement initiatives,” he added.

AKSA has already introduced stringent energy efficiency and operational standards, which usually exceed both local regulatory requirements and the EBRD requirements.