Guleryuz Partners, working with the Galadari Law and Eversheds Sutherland, has advised the Tiryaki Group on its USD 112.5 million financing package from the IFC, FMO, and Proparco to finance an agro-industrial complex in Iraq’s Umm-Qasr Port. Allen & Overy, working with Confluent Law, advised the lenders.
The agreed package includes loans up to: USD 66 million from the IFC; USD 31.5 million from the Dutch Entrepreneurial Development Bank; and USD 15 million from Agence Francaise de Developpement Group subsidiary Proparco.
According to Guleryuz Partners, Tiryaki Agro is one of the leading agricultural exporters in Turkiye and the MENA region.
According to Proparco, the project includes a soybean crushing plant and warehouses, which will help bolster food security, create jobs, and diversify the country’s economy away from fossil fuels.
"We are building a soy crushing plant and corn warehouses in Tiryaki Group’s exclusive berth in the Umm-Qasr port of Iraq," Tiryaki Agro CEO Suleyman Tiryakioglu commented. "The warehouses, which are part of the investment, have been completed and the soy crushing operations will begin in early 2024. With a daily crushing capacity of 3,000 tons, the soy crushing plant is expected to generate more than 700 million dollars of revenue annually, half of which will be generated through exports."
The Guleryuz Partners team was led by Partner Zahide Altunbas Sancak and Senior Associate Yasemin Keskin.