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Dutch development bank FMO is the lead arranger of a $65 million long-term loan facility to Tiryaki Agro, a leading processor of agricultural products in Turkey. FMO is funding $30 million of the facility while the European Bank for Reconstruction and Development (EBRD) and Proparco, the private sector financing arm of the Agence Française de Développement (AFD) group, provide $20 million and $15 million respectively.
In addition to the long-term loan facility, the Dutch development bank is the largest participant in an ABN AMRO-led syndicate of ten banks, providing $44 million out of a total of $230 million Multicurrency TERM facility for Tiryaki Agro. Other participants in this facility include the EBRD, Rabobank and Amsterdam Trade Bank.
Reinier Douqué, Manager Agribusiness, Food and Water at FMO said: “Tiryaki Agro has made big strides in the last few years to ensure both its conventional and organic farm suppliers conform to EU and U.S. environmental and social export standards for agricultural products. FMO, together with the other banks in the consortium, are backing the company’s efforts to venture into higher value-added conventional and organic produce, in a farming sector that employs about a quarter of Turkey’s workforce. This is an effective way of improving the environment and boosting living standards in rural areas of the country.”
The facilities will help Tiryaki grow output of pulses, grains, nuts, oilseeds and feedstuffs, and expand in export markets such as North America and Europe, especially for organically grown crops.