Turkish Oilseed Processor, Reka, Receives €45 Million for Expansion
The European Bank for Reconstruction and Development (EBRD) announced it is committing €45 million to the Turkish oilseed and edible oil producer, Reka Bitkisel Yaglar Sav, ve Tic. A.S. (Reka), for expansion.
Located in the Tekirdağ province in the northeast of the country where the majority of the country’s sunflower and rapeseed crops are grown, Reka sources most of its oilseeds from local producers for its state of the art facility.
The funding provided by the EBRD loan, of which, €20 million is syndicated to the Dutch development bank FMO N.V., will be used by Reka to buy new equipment for the increasing of production, to refinance existing loans, and the expand the number of farmers from which the company sources its oilseeds.
Established in 2010 by the Reka and Kucukbay families, Reka has grown to become a leading edible oil processor and producer in Turkey, currently boasting the highest integrated oilseed processing capacity in the country.
Agribusiness contributes 7.4% to Turkey’s gross domestic product (GDP), and is one of the country’s more critical sectors, employing over 20% of the county’s workforce. The EBRD has made it a priority to support growing Turkish agribusinesses, such as Reka, that are situated outside of major metropolitan areas and where financing is difficult to secure.
In 2014 Turkey became the top recipient of EBRD funds with new investments worth €1.4 billion.