The European Bank for Reconstruction and Development (EBRD) is extending a €3 million loan to Sapro, a Turkey’s largest wet wipes producer. Sapro was founded by Ceyhun Zincirkıran and Mehmet Gündoğdu in 1997.

Seventy-five per cent of Sapros sales are in the European markets where they are primarily sold as private label products in large European retail chains. In Turkey, Sapro produces wet wipes under the brand name Hops.

The EBRD’s loan will finance part of the working capital required to start Sapro’s spunlace line to support its wipes business. As the main raw material for Sapro’s wipes, spunlace accounts for more than half the cost of the final product, according to the company.

Sapro has  been outsourcing its spunlace nonwovens. Backward integrating into nonwovens production will help significantly cut its costs and increase the company’s competitiveness and resilience domestically and abroad, according to executives.

Zincirkıran, the co-owner and chairman of the board, says, “The EBRD is one of the most important international financial institutions in Europe. Its contribution and support will help us achieve our goal of becoming the most important player in our sector.”

Frederic Lucenet, EBRD director for manufacturing and services, says: “We are impressed with the story of this Turkish exporter. We see great potential and are happy to support Sapro’s growth as the market for wet wipes continues to grow in Turkey and elsewhere.”

To date, it has invested over €7 billion in the country through more than 180 projects in infrastructure, energy, agribusiness, industry and finance. It has also mobilised about €17 billion for these ventures from other sources of financing.

Sapro has not announced who will be supplying its nonwovens production line.