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EBRD advances loan to Turkish ASF producer Aksa
12
Mar '15
Aksa, a Turkish producer of acrylic staple fibre (ASF) has bagged a €50 million loan from the European Bank for Reconstruction and Development (EBRD) to promote higher standards and greater efficiency.

The loan will finance Aksa’s capex program which includes a series of environmental, health and safety, and resource efficiency improvements as well as investments in R&D of new high-value-added products.

With support from EBRD, Aksa will implement new health and safety standards at its plant, which will go beyond requirements of national regulations.

According to an EBRD statement, Aksa will become the country’s first chemical fibre company committing itself to the best global practices in the industry.

In addition, the EBRD loan will finance the construction of a wastewater treatment facility, which will also be used by other companies nearby and increase amount of recycled water.

“This is particularly important given the firm’s proximity to the Sea of Marmara and the issue of water stress in the area,” EBRD said.

Frederic Lucenet, EBRD director for manufacturing and services, said, “EBRD’s investment will help Aksa pioneer the highest international health and safety practices, raising the bar for Turkish industry.”

“With the new standards and greater efficiency, Aksa will use less energy and fewer resources while recycling more water,” he added.

“We are pleased to be able to support Aksa which can make Turkish acrylic fibre production more efficient, more environmentally friendly and even more competitive on the global market,” he observed.

According to Cengiz Tas, general manager of Aksa Akrilik said, “This significant investment demonstrates Aksa’s high corporate social-responsibility values and is a historic step for the entire Turkish chemical sector.”

“We will upgrade health and safety standards at our plant in Yalova, the largest acrylic production facility in the world, and will build the biggest communal wastewater treatment plant in the region,” he too added.

Established in 1968 by Turkish textile manufacturers to meet the growing demand for acrylic fibre from the country’s textile industry, Aksa grew to become the global leader in the sector.

Akkök Holding A.S. has 39.6 per cent stake in the company, while 37.2 per cent of shares are publicly traded on Borsa Istanbul.

The EBRD has previously provided a US$ 50 million loan to Aksa to finance energy efficiency improvements and product development aimed at boosting its operational efficiency.

Improving the competiveness of Turkish firms by investing in higher standards and innovation is one of the EBRD’s priorities in the country.

The Bank started investing in Turkey in 2009 and currently operates from offices in Istanbul, Ankara and Gaziantep.

In 2014, Turkey became the Bank’s largest single recipient with new investments worth €1.4 billion and till date, EBRD has invested over €5 billion in the country across more than 140 projects. (AR)

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