Euro bank backs expansion of Turkish confectionery producer Kervan Group

By Anthony Myers contact

- Last updated on GMT

Fresh funding for the Kervan Group, courtesy of the EBRD. Pic: Kervan Group
Fresh funding for the Kervan Group, courtesy of the EBRD. Pic: Kervan Group

Related tags: Investment, Turkey

Kervan Group to invest in new equipment, expand operations and enhance its corporate governance standard with $ 7.5m loan from European development bank.

The European Bank for Reconstruction and Development (EBRD) is providing a five-year loan of $7.5m to Turkey’s Kervan Group, the country’s leading exporter of jelly products.

The loan will help the company expand operations as it works to meet growing demand for its products from consumers in Turkey and abroad. Investments include the purchase of new equipment – a fast-track jelly moulding line to help increase production in its factory in Manisa, western Turkey.

In addition, the EBRD is providing Kervan with business advice on potential expansion into new markets in the Balkans and Eastern Europe.

In a statement, the Bank said it will also help the company enhance its corporate governance and increase the share of locally sourced raw material, strengthening its relationship with local suppliers.

Founded in 1995 by the Basar family, Kervan is the largest jelly exporter in Turkey and also produces other confectionery products such as liquorice, marshmallows, lollipops and gums. It has three production facilities in Turkey and multiple representative offices abroad. The company employs  1,400 staff.

Related topics: Candy


Post your comment

We will not publish your email address on the website

These comments have not been moderated. You are encouraged to participate with comments that are relevant to our news stories. You should not post comments that are abusive, threatening, defamatory, misleading or invasive of privacy. For the full terms and conditions for commenting see clause 7 of our Terms and Conditions ‘Participating in Online Communities’. These terms may be updated from time to time, so please read them before posting a comment. Any comment that violates these terms may be removed in its entirety as we do not edit comments. If you wish to complain about a comment please use the "REPORT ABUSE" button or contact the editors.