Istanbul, Turkey
June 19, 2009
IFC,
a member of the World Bank Group, signed an agreement to
support, May-Agro Tohumculuk
San. Tic. A.S one of Turkey’s largest locally-owned private
seed companies in Bursa, to scale up its R&D operations and
commercial activities thus contributing to the modernization of
agriculture and productivity improvements.
IFC’s $10 million investment will enable May-Agro Tohumculuk
San. Tic. A.S to undertake a corporate wide capital investment
program in its existing seed plants, greenhouses and R&D center
for 2009-2012 period.
Mehmet Ali Yormazoglu, Chairman of May-Agro Tohumculuk San. Tic.
A.S said: “With IFC’s support, May-Agro Tohumculuk San. Tic. A.S
will find the opportunity to grow further by increased emphasis
on the R&D of strategic species and patented seeds. With the
investment projects, we will increase the number of farmers
reached by a 40% by 2011 and further contribute to the
development of Turkish agribusiness”
Shahbaz Mavaddat, IFC Director for Southern Europe and Central
Asia, said: “IFC is pleased to support May-Agro Tohumculuk San.
Tic. A.S to strenghten its market position by expanding its R&D
program, especially at a time when capital resources are
limited. With the new investments May-Agro Tohumculuk San. Tic.
A.S will also play a key role as an exporter of high quality
seeds from Turkey to the region”
Oscar Chemerinski, IFC Director for Agribusiness, said: “The
investment in May-Agro Tohumculuk San. Tic. A.S - IFC’s first
direct investment in a seed company - is in line with IFC’s
strategy to support the agribusiness value chain including
inputs such as seeds. Disease- resistant and better performing
seeds increase farm yields and productivity. R&D in seeds has
resulted in improvements in the environment by reducing
pesticides and chemical application rates.”
The size of Turkish agricultural seed market is currently about
$ 450 million and Turkey is expected to become a hub for supply
of high- quality seeds to the neighboring economies where the
seeds developed in Turkey match the climate conditions. With the
investment program, May-Agro Tohumculuk San. Tic. A.S is aiming
to expand its exports, which currently generate 15% of the
company’s sales with exports to over 25 countries including
Bulgaria, Romania, Ukraine and the Middle East.
May-Agro Tohumculuk San. Tic. A.S is engaged in research,
production and sales of vegetable seeds and seedlings, field,
forage and industrial crops in domestic and international
markets. May-Agro Tohumculuk San.Tic. A.S is Turkey's largest
private local investor in the seed sector with over 300
employees, 100 Agriculture Engineers with more than 15.000 tons
of seed production and processing capacity and 70 million
grafting and conventional seedling production capacities.
IFC, a member of the World Bank Group, creates opportunity for
people to escape poverty and improve their lives. We foster
sustainable economic growth in developing countries by
supporting private sector development, mobilizing private
capital, and providing advisory and risk mitigation services to
businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous
year. |
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