European bank lends $170M to Turkish firm Arcelik

By Tuba Sahin</p> <p>ANKARA (AA) – The European Bank for Reconstruction and Development (EBRD) lent Turkish lira equivalent of €150 million (some $170 million) to Turkey's white goods manufacturer Arcelik. </p> <p>Arcelik will use loan of almost 1 billion Turkish lira to finance development and manufacturing of more energy-saving home appliances, according to a statement from the EBRD on Friday.</p> <p>The company plans to bring all research and development activities under one roof in a new state-of-the-art R&amp;D center.</p> <p>Progress in this field will strengthen the export potential of Arcelik.</p> <p>&quot;The support of an international financial institution such as the EBRD is a sign of recognition of our strong and sustainable business in Turkey as well as of our global ambitions,&quot; Arcelik’s Chief Financial Officer Polat Sen said.</p> <p>Arvid Tuerkner, EBRD managing director for Turkey, said as Arcelik continues to innovate, the bank is delighted to provide financing and become part of the company’s success.</p> <p>Founded in 1955, electronics and appliances manufacturer Arcelik exports to nearly 150 countries with 30,000 employees.</p> <p>Since 2009, the EBRD has invested nearly €11 billion (approximately $13 billion) in Turkey — a top destination for the bank’s finance — through more than 280 projects.