The FINANCIAL -- In a new joint transaction, the EBRD and the Industrial Development Bank of Turkey (TSKB) are providing €0.9 million of working capital to Ukinox, a dynamic manufacturer of kitchen sinks and built-in kitchen appliances in Turkey.
Divided 50:50 between the two lenders, the loan facility will support the growth of the company by financing its working capital needs, according to EBRD.
Headquartered in Istanbul and operating a plant in Duzce in the Black Sea region of Turkey, Ukinox focuses on the production of stainless steel sinks. Other products include granite and glass sinks, siphons and sink accessories such as baskets, chopping boards and colanders.
Eight-five per cent of the company’s products are destined for export, mostly to the United States of America and Canada, but also to western Europe.
The financing is a new investment under a joint programme between the EBRD and TSKB which was set up in 2016 to improve and simplify access to finance for small and medium-sized enterprises (SMEs) across Turkey. Support for small businesses is among the EBRD’s priorities in its efforts to strengthen the private sector, which in Turkey attracts some 98 per cent of the Bank’s funding.
The EBRD is a leading investor in Turkey. To date, the Bank has invested over €9 billion in the country through more than 220 projects across many sectors and has mobilised nearly €20 billion for these ventures from other sources of financing.