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BSTDB Loan Helps Turkish Corporate Expand in Russia

Press Release | 31-May-2021

The Black Sea Trade and Development bank (BSTDB) has provided a 7-year EUR 75 million loan to the Turkish Hayat Kimya Group for the construction of a new factory in Kaluga (Russia) producing cleansing tissue and towel paper.

The total project cost is EUR 134.5 million.  This will be the third Group’s production facility in Russia, which, upon completion, should make Hayat Kimya the largest producer of cleansing tissue products in the country. 

Dmitry Pankin, BSTDB President, said: “Our latest investment in the Hayat Kimya production facility in Kaluga represents a development of our successful partnership with the Group started back in 2014.  We are pleased to see how our financing help provide Russia and the Black Sea countries with high quality products at affordable prices for the consumers, while strengthening employment, economic resilience and promoting exports. This project is an exemplary illustration of a cross-border investment between our member countries, which is one of the core pillars of the Bank’s mandate.” 

Hüseyin Okur, Hayat Kimya Group Vice President, Finance, said: “It is a great pleasure for us to be partnering once again with BSTDB, this time for our new investment in Kaluga (Russia) which will be the third cleansing tissue and towel paper factory of our Group in Russian Federation. We believe that this strong partnership will develop further and enable us to make new investments in the future, effectively contributing to the transition process of the BSTDB Member States like Russia and Türkiye towards the economic prosperity of the people of the region.”

Established in 1937, Hayat Kimya is mainly engaged in production of detergent, hygiene and tissue products and, currently, maintains its Turkish production activities at two facilities located in Kocaeli and Mersin in Türkiye. It sells products to both domestic and foreign markets and its subsidiaries and affiliates have similar production facilities in Algeria, Egypt, Bosnia and Herzegovina, Russia, Iran, Nigeria, Pakistan and Vietnam, as well as distribution facilities in Bulgaria, Morocco, Romania, Kenya, Thailand and Malaysia.  Hayat Kimya has become the largest tissue manufacturer of Eastern Europe, Middle East and Africa, and the fifth largest baby diaper manufacturer in the world. All products are manufactured automatically in a hands-free environment designed and constructed strictly in accordance with the ISO 9001 Quality Assurance System.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s,  “A2” by Moody’s and “A+” by the Russian credit rating agency ACRA. For information on BSTDB, visit www.bstdb.org.

Haroula Christodoulou
E-mail: cchristodoulou@bstdb.org
Phone: +30 2310 290533
Twitter: @BSTDB; @Haroulax 

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