Investment

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