news - FMO and Proparco support Kılıç Deniz, Turkey’s leading aquaculture player, through EUR 80mln syndicated loan


FMO and Proparco support Kılıç Deniz, Turkey’s leading aquaculture player, through EUR 80mln syndicated loan

April 9, 2021

FMO and Proparco announced today the launch of a EUR 80mln syndicated facility to support Kılıç Deniz, Turkey’s leading aquaculture player, which grows and produces sustainably certified fish. The syndication is led by FMO, the Dutch development bank, which is committing EUR 65mln, with participation from Proparco, France’s development finance institution, committing EUR 15mln. The syndicated facility will be used to support Kılıç Deniz’s ongoing business expansion across Turkey and further promote the company’s sustainable production of sea bass, sea bream, and rainbow trout, while also optimizing its balance sheet.

As a family business started in 1993, Kılıç Deniz has become over the years the largest aquaculture company of Turkey. It is operating a fully integrated value chain, ranging from production of fingerlings and fish feed to fish farming in offshore marine and inland fresh-water facilities, to processing and distribution of a wide assortment of fish products.  The company is also a leading supplier worldwide of a variety of Mediterranean species, exporting seafood to an estimated 60 countries.


Kılıç Deniz’s entire supply chain has been sustainably certified by various certification bodies including the Aquaculture Stewardship Council, Global GAP, and SEDEX. The company has proven its commitment to constantly improving the aquaculture sector through innovating their sustainable management and efficient use of natural resources. This includes minimizing environmental pollutants and CO2 emissions, R&D collaboration with universities for biosecurity and species adaptation, and sharing technical and environmental know-how with various stakeholders.

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With the current economic climate in Turkey which is limiting the liquidity companies can receive from local banks, many enterprises have turned to other means for support. Kılıç Deniz chose to partner with FMO, making it the first time the company is working with an international development finance institution. FMO originally signed a bilateral EUR 50mln term loan facility with Kılıç Deniz in 2019 to support the company’s business growth; this new syndicated facility will replace the previous bilateral facility and increase FMO’s total commitment to EUR 65mln, alongside Proparco as the other participating development finance institution.

Pieternel Boogaard, Director Agribusiness, Food, Water at FMO, said: “We are pleased to further strengthen our commitment to Kılıç Deniz, a producer of healthy and increasingly important marine proteins, while embedding best industry practices in its business operations. Kılıç Deniz’s impact and success contribute to a more sustainable aquaculture industry worldwide. We are proud to be the first development finance institution partnering with Kılıç Deniz and to arrange this syndicated facility along with Proparco, our fellow DFI.”

Denis Sireyjol, Head, Manufacturing, Agribusiness & Services at Proparco, added: “Proparco, along with FMO, is proud to support Turkey’s leading aquaculture player, Kılıç Deniz, towards more sustainable aquaculture. The project will allow the family business to support the strengthening of its production capacity and its status as the leading supplier in Europe of certain Mediterranean species. It will also have a positive social impact by contributing to the creation of 450 additional direct jobs by 2023 in Turkey's rural and coastal areas, which are known to be more affected by unemployment.”

Hakan Uyanık, CEO Kılıç Deniz, said: “As Kılıç Deniz, we are proud of our important role in producing very valuable animal protein for the world. Our biggest ambition is to further grow production of Mediterranean fish and rainbow trout to make it available for more people on earth and to be perfect in terms of environment and social sustainability in the process. The FMO – Proparco Syndication helps us not only in financial terms but also with an immense support towards improving and investing on Environment and Social Action Plan. We are truly grateful for that.”

In addition to further strengthening our customer relationship with Kılıç Deniz, the syndicated facility contributes significantly to no less than 5 SDGs, including taking climate action and furthering responsible consumption and production of food. Additionally, we can support zero hunger, decent work and economic development through Kilic Deniz’s expansion, while also facilitating partnership of various financial institutions.



PROPARCO has been working for over 40 years to promote sustainable development in Africa, Asia, Latin America and the Middle East. The private sector financing arm of Agence Française de Développement (AFD), PROPARCO finances companies and financial institutions and helps them manage the impacts of their activity.

In 2019, PROPARCO committed EUR 2.5bn of financing, focused on the key development sectors: infrastructure, mainly for renewable energies, agribusiness, financial institutions, health and education. Its operations support private players that contribute to the achievement of the Sustainable Development Goals (SDGs), by creating jobs and decent incomes and providing essential goods and services, and to poverty reduction and the fight against climate change.

For further information: and @Proparco

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