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Istanbul, June 15, 2007
— IFC, the private sector arm of the World Bank Group, has signed a loan agreement with Banvit, a leading integrated poultry producer in Turkey. The investment will help the company expand and improve its production capabilities, supporting the country’s poultry sector.
The agreement includes a $25 million corporate loan and a $10 million stand-by loan to finance a three-year capital expenditure program. The program will help Banvit modernize its broiler and feed milling operations, enter into the country’s beef sector, and establish a hatchery operation in Romania.
Our productive cooperation with IFC since 2000 has supported our company to become the leading player in the poultry sector in Turkey. We are confident that this new investment will enable our company to compete successfully on poultry and red meat, both in Turkey and Romania,” said Omer Gorener, CEO of Banvit. He also said, “Long-term nature of this investment is a testimony to IFC`s confidence on our company and its future.”
Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, praised the company for its track record as a leader in the poultry sector. He said, “Our investment in Banvit is in line with IFC’s strategy in Turkey and will contribute to the competitiveness of the poultry sector. It will also enable the company to expand its operations into the beef sector, and it will support cross-border investments by Turkish companies.”
“IFC has a long-standing relationship with Banvit and its shareholders. This latest agreement demonstrates our confidence in Banvit and supports the local poultry sector. Our investment will help make Banvit more resilient to external shocks, such as a resurgence of avian influenza that strongly affected the poultry sector in 2005,” said Oscar Chemerinski, IFC Senior Manager for Agribusiness.
About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit
www.ifc.org
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IFC has been active in Turkey for more than 40 years, with cumulative investments amounting to over $2.7 billion. Its diversified portfolio crosses a range of industrial and financial sectors.
About Banvit
Founded in 1968, Banvit is a leading integrated poultry producer in Turkey, processing 59 million broilers and producing 106,000 tons of ready-to-cook chicken and turkey per year. Headquartered in Bandirma, Banvit employs strict biosecurity protocols in its operations and has a HACCP certified processing plant and full product traceabilitiy. The Banvit brand name is well established in the country and strongly associated with high-quality and good hygiene. The company is majority-owned by members of the Ebubekir, Görener, and Koçman families, and around 19 percent of the shares are traded on the Istanbul Stock Exchange. For more information, please visit
www.banvit.com
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