OREANDA-NEWS. December 24, 2014. The European Bank for Reconstruction and Development (EBRD) is providing EUR 30 million to the Turkish soft drink producer Erbak Uludag Icecek (Uludag) to finance the company’s 2014-15 investment programme.
 
Founded in 1930 in the western Turkish province of Bursa by the Erbak family, Uludag is the oldest and one of the largest producers of branded soft drinks in Turkey. It is named after a mountain in western Anatolia, where the company has sourced its mineral water for almost a century.
 
Uludag is currently led by the third and fourth generations of the founding family, who are committed to supporting the company’s sustainable growth through a programme of strategic investments. The programme includes the launch of new, state-of-the-art production facilities and measures to increase resource efficiency.
 
With the EBRD’s support, the company will also invest in innovative technologies that improve the quality and lifespan of its products and will set traceability standards for produce. Uludag will also further improve its corporate governance.
 
Michael Davey, EBRD Director for Turkey, said: “We are pleased to start this relationship with Uludag, a family-owned company with an excellent reputation for innovation and product quality, and a century-long history. Our investment aims to help make the company more competitive. We believe that with even higher corporate governance standards and resource-efficient practices Uludag will become a top performer in the Turkish beverage industry.”
 
The EBRD began investing in Turkey in 2009 and currently operates from offices in Istanbul, Ankara and Gaziantep. To date, the EBRD has invested over €4 billion in more than 130 projects in the country.