Supporting the local development of a sustainable aquaculture player

A family business set up 30 years ago, Kiliç Deniz has become the leader in the aquaculture sector in Turkey and the main supplier in Europe of various Mediterranean fish species (exporting seafood products in more than 60 countries). Its operations are integrated throughout the aquaculture value chain, from the production of fish feed to fish farming in sea cages and in fresh water, and the processing and distribution of fish. This integration of the full value chain, along with its extensive experience and a flawless reputation in the industry, have helped give Kiliç a major competitive advantage. 

Kiliç Deniz is already a client of Proparco, with a first EUR 15m loan allocated in 2021 and syndicated by FMO.

This second EUR 15m loan is once again syndicated by FMO and also includes the ILX fund (credit fund focused on emerging markets) for a total amount of EUR 60m.

The new loan aims to finance the growth plan of Kiliç Deniz, which wishes to set up new fish farms in the provinces of Mersin and Bodrum for sea bass and sea bream production. It also wants to invest in new marine fish farms and processing and packaging units for rainbow trout production in the Black Sea region. Part of the loan is also financing the Working Capital Requirements (WCR) associated with this expansion plan. 

Kiliç Deniz’s strategy is in line with a dynamic sector facing strong demand. It aims to diversify its activities (fish species and geographical areas) to enable it to further adapt to the effects of climate change. In this context, the project has 15% of co-benefits for climate adaptation. 

The project will also support 2,508 direct jobs and 6,589 indirect jobs. 

The project will contribute to SDGs 8 (“Decent work and economic growth”), 12 (“Responsible consumption and production”) and 13 (“Climate action”).