EBRD and Garanti BBVA back Turkey’s Altek Metal on recycling journey

By Olga Rosca
@olgarosca

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  • €18 million joint loan to Altek Metal, Turkey’s leading supplier of aluminium semi-fabricated products
  • EBRD and Garanti BBVA in partnership to ease access to finance for Turkey’s corporates
  • Altek Metal aims to decrease carbon footprint of its aluminium products

The European Bank for Reconstruction and Development (EBRD) and Garanti BBVA are jointly providing an €18 million loan to Altek Metal, one of Turkey’s leading suppliers of high-quality aluminum products, to support business growth and improve sustainability. 

The €18 million loan, divided equally between the EBRD and Garanti BBVA, will finance Altek Metal’s capital expenditure (capex) programme. It includes a series of investments to establish an aluminum recycling facility and a production line for extrusions.

As aluminum loses no quality during recycling and can be recycled indefinitely, Altek Metal aims to import fewer primary materials and to increase the use of recycled aluminum produced from scrap. The new recycling facility will help meet this goal and increase the sustainability of operations.

The loan is part of the EBRD’s and Garanti BBVA’s partnership to improve and simplify access to finance for small and medium-sized enterprises across Turkey. Under a risk-sharing agreement, the two lenders provide loans to eligible businesses that they select jointly. Clients can use the loans to finance working capital or capital expenditure or to refinance existing loans.

The EBRD is a major investor in Turkey. To date, it has invested €15.4 billion through more than 370 projects in various sectors of the country’s economy, with almost all investment in the private sector. The EBRD’s €7.2 billion Turkey portfolio is the largest among the 38 economies where the Bank operates. Sustainability is at the heart of its work.

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