EBRD loans €25m to Turkey for green investments

The European Bank for Reconstruction and Development (EBRD) approved on Tuesday a €25 million loan for Turkey’s Polinas Plastik to support the company’s capex investments, which involves resource- and energy-efficiency measures in the production line and solar panels.

The loan will facilitate the setup of a new production line for biaxially orientated polypropylene (BOPP) film, acquire new machinery, and enhance sustainability through the addition of solar energy systems.

The project aims to cut Polinas’ carbon emissions by boosting renewable energy use and increasing the production of fully recyclable packaging materials that incorporate recycled and bio-based content.

Polinas Plastik, a major player in Turkey’s flexible plastic packaging industry and a significant exporter to over 50 countries, will also use the funds to improve diversity and inclusion credentials by increasing the number of women employed in manufacturing sector, where women’s participation stands at only around 27 per cent. It will work to boost the number of women it employs and commit to improving its diversity practices.

The company is 99 per cent owned by Gözde Girişim, the private equity arm of Turkey’s largest food group Yildiz Holding.

The EBRD, a key investor in Turkey, has committed over €20 billion across 450 projects since 2009, focusing predominantly on the private sector.

Attribution: EBRD statement

Sub-Editing: Y.Yasser