ANKARA 

The European Bank for Reconstruction and Development (EBRD) provided €10 million ($11 million) loan to a Turkish seed company to expand its operations and automate R&D.

In a statement on Monday, the bank said the improvements, such as renovating production and R&D facilities, will strengthen the company’s position in Turkey along with existing export markets and will help it venture into new export markets.

May Seed will also benefit from an EBRD-backed advisory project to further boost its competitiveness at home and abroad.

The bank is also providing its own grant funds to back May Seed’s financial literacy program

Read more: European bank funds Turkish seed firm to back operation