- US$ 50 million EBRD loan to one of Turkey’s leading producers of edible oils
- EBRD and Bunge to collaborate in supporting women farmers through a training academy
- Academy will teach climate-smart farming techniques
The European Bank for Reconstruction and Development (EBRD) today announced a US$ 50 million long-term loan to Bunge, one of Turkey’s leading integrated producers of edible oils, to finance the company’s working-capital needs and capital investments at plants in the Ayvalık and Thrace regions.
In addition to the funding, the EBRD and Bunge will partner in sustainability projects. Their primary goal is to set up a training academy in collaboration with local education providers to enhance the access of women farmers to modern agro-techniques, specifically in the areas of olive tree cultivation and maintenance.
The Bank will also help Bunge to develop certified organic olive production in Turkey and to analyse the climate change resilience of the olive supply chain.
“Bunge is committed to advancing sustainability where we operate and we are pleased to be able to collaborate with EBRD in such relevant projects. This initiative aligns with our focus in providing low carbon and sustainable solutions for the production of food, feed and fuel to consumers around the globe”, said Rob Coviello, Bunge’s Chief Sustainability Officer and Government Affairs.
In Turkey, Bunge processes oilseeds, cereals, protein products and crushes, and refines and bottles oilseeds to produce olive oil, sunflower oil and cooking oils. The company also owns leading consumer brands in Turkey such as Komili, Kırlangıç and Sezai Ömer Madra.
Jürgen Rigterink, EBRD First Vice President, said: “The greatest opportunity for positive and sustainable change lies in committing to a new way of doing things. I applaud Bunge for making strides towards the social, economic and environmental sustainability of the olive oil industry. The EBRD is pleased to help the company focus on supply chains, invest in farmers’ skills, advance organic farming and strengthen climate change resilience.”
The EBRD is a leading institutional investor in Turkey and to date has invested more than €15 billion in the country through 370 projects, with the overwhelming majority of those investments in the private sector.