Uludag, one of Turkey’s leading beverage producers, will expand its operations with a EUR 15 m loan from the European Bank for Reconstruction and Development (EBRD), according to an EBRD press release. The loan will finance research and development (R&D) investments that will enhance the company’s competitiveness at home and abroad, it said.
“Committed to continuous modernization, Uludag will use the EBRD loan to invest in R&D and production upgrades, in working capital needs and in the refinancing of short-term debt. The new funds will also help the company boost its export potential and emerge stronger from the coronavirus pandemic,” read in the statement.
A company with a century-long history, Uludag is run by the third and fourth generations of the founding family. It operates two modern facilities in Bursa where it bottles soft drinks and mineral water. Named after a picturesque nearby mountain, Uludag is a household name in Turkey but also popular abroad, including in the Middle East, North Africa and in Central Asia.
The EBRD has invested almost EUR 13.5 bn in the country through about 340 projects, 96% of which are in the private sector. In 2021, the Bank will focus on investments that support a sustainable and inclusive post Covid-19 recovery according to EBRD.