The European Bank for Reconstruction and Development (EBRD) announced an investment of €10 million in Turkish dairy producer, Mar Tuketim Maddeleri Ihracat Ithalat San. Ve Tic. A.S., better known under the brand name, Kay.

 

The funds will enable the company to purchase new machinery to complete the expansion of its production of yogurt and white cheese products. It will also serve to enable the company to move its production to a modern factory adjacent to its existing feed mill on the highway connecting Istanbul with Izmir, and will fund the improvement of logistics management and water and energy use.

 

The fresh capital will also be used by the company to refinance existing loans, extending the debt maturity to allow for the company’s expansion.

 

Founded in the 1950’s, Kay is one of Turkey’s top ten dairy producers in terms of sales, and is one of the country’s leading UHT goat milk producers, having recently started its own goat farm to increase efficiency and to attain a higher standard of quality.

 

“Our finance will help Kay become a stronger and a more efficient market player. It will also boost competition in the Turkish dairy sector and improve the company’s ties with suppliers and distributors while bringing higher quality products to consumers,” said Jean-Patrick Marquet, EBRD Director for Turkey.

 

The EBRD began investing in Turkey in 2009, and in 2014, the country became the top recipient of investments from the bank with new investments worth €1.4 million. To date, the EBRD has invested in over 160 projects across agribusiness, infrastructure, energy, industry, and finance in Turkey with a financial value of €6 billion. The bank has also generated over €12 billion of financing from other sources for these ventures.