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In Turkey, Proparco supports Sanko Group in its sustainability strategy
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The operation consists of a EUR 37 million senior facility granted by Proparco to support Sanko Group, one of the biggest Turkish conglomerates, mainly operating in textile, energy, cement and packaging, in its sustainability strategy for its textile manufacturing subsidiary, Sanko Textile.
Founded in 1904 by the Konukoğlu family, Sanko Group is now one of the first conglomerates of Turkey, and its textile subsidiary, Sanko Textile, is specialized in fabric, denim fabric, yarn and towels production. The Group business model includes a close attention to sustainable and social matters with numerous initiatives, especially at Sanko Textile level (such as organic cotton sourcing program, sustainable collections, internationally acclaimed certifications, and best practices, including the diverse workforce and working conditions and benefits).
The funds granted by Proparco will be used for Sanko Textile’s sustainable investments: mainly for 33.5 MW rooftop solar panels on the factories and other sustainable projects, and the funding of its working capital requirement.
Through these eco-friendly initiatives, this project will contribute to climate change adaptation, in avoiding more than 466,000 tCO2eq per year.
As an active player, the Group will create hundreds of jobs per year in the next 5 years, with working conditions above average. At last, this project will support Turkish textile industry, a highly exporting sector, contributing to 6% of GDP.
The project will then contribute to 4 sustainable Development Goals: #8 due to good working conditions, #9 by supporting sustainable manufacturing, #12 with reuse of material waste in new recycling lines and #13 due to the overall carbon emissions savings.