A manufacturing company in Turkey has been granted a €50 million (£40m) loan to support its research on developing energy efficient television sets and LED products.
Vestel Elektronik, part of Vestel Group, manufactures TV sets and white goods for global brands and produces tablet PCs, phones and set-top boxes and uses LEDs in most of its products.
It will conduct its research in partnership with local universities.
Mike Davey, Director for Turkey at the European Bank for Reconstruction and Development (EBRD), which is providing the loan said: “Vestel Elektronik is radically transforming its research and development approach. Whereas the company used to apply existing technologies, it will now conduct pioneering research for the development of new technologies.”
The EBRD has invested more than €3.5 billion (£2.8bn) in Turkey across 120 projects covering infrastructure, energy, industry and finance.