Türkiye’s green-finance push has moved into healthcare manufacturing, with Disera receiving a $10 million capital increase from the Türkiye Green Fund, anchored by TSKB and backed by World Bank financing. The transaction matters beyond one medical supplies company because it shows how Türkiye is trying to align export competitiveness, industrial decarbonization and private equity capital at a time when foreign investors are screening emerging-market production bases through both cost and carbon criteria.
A Green Fund Enters Medical Manufacturing
According to egirişim, Türkiye Sınai Kalkınma Bankası, or TSKB, made the Türkiye Green Fund’s third investment through a $10 million capital increase in Disera Tıbbi Malzeme Lojistik Sanayi ve Ticaret A.Ş. The fund was established with World Bank resources under a guarantee from Türkiye’s Ministry of Treasury and Finance, and is managed by Maxis Girişim Sermayesi Portföy Yönetimi.
The deal had already passed an important regulatory step. Türkiye’s Competition Authority said in a June 17, 2026 decision that it approved Maxis Türkiye Yeşil Finans Projesi Girişim Sermayesi Yatırım Fonu’s acquisition of a certain share in Disera through participation in a capital increase and the creation of a joint venture. The parties have not publicly disclosed the percentage stake, valuation, shareholder rights or detailed investment timetable.
TSKB framed the investment as part of a broader effort to support companies that can reduce emissions while expanding production. Disera General Manager Kenan Deniz Büyükakman said, according to egirişim, that the funding would help the company reduce environmental impact while strengthening production and export capacity. Maxis General Manager Özgür Temel described the transaction as the fund’s first healthcare-sector investment, focused on energy efficiency, lower environmental impact and sustainable growth.
Why Disera Fits The Thesis
Disera is not a speculative climate-technology startup. It is an established İzmir-based medical device and diagnostics supplier. According to Disera’s company profile, the company was founded in 1996 and produces blood collection tubes, blood collection accessories, urine collection systems, PRP products and hospital products, while also operating in laboratory diagnostics in the domestic market. The company says it serves healthcare professionals in more than 80 countries.
That operating profile is important for foreign direct investment because Türkiye’s medtech opportunity is partly about import substitution and partly about export platforms. Disera’s product categories sit inside global hospital supply chains where buyers increasingly assess not only quality certifications and delivery reliability, but also environmental performance, sterilization methods and traceable production.
Disera’s own sustainability disclosures help explain why a green fund would invest in a medical supplier. In its sustainability report, the company said it built a 3 MW solar power plant on 50,000 square meters to supply electricity for medical device production. It also said it launched a 10 MeV e-beam sterilization system in 2023, reducing the need to transport products about 600 kilometers to an external sterilization facility.
That sterilization asset is strategically relevant. E-beam technology can reduce chemical use compared with some traditional sterilization methods and can provide local sterilization capacity for nearby producers. In a sector where sterile packaging, quality systems and delivery timing are commercially decisive, such infrastructure can become a shared industrial capability, not just an internal cost-saving tool.
Türkiye’s Green Capital Stack Is Deepening
The Disera transaction is part of a wider financial architecture. The World Bank approved a $155 million loan in November 2023 to expand equity finance for the greening of Turkish firms. The funds were to be channeled through TSKB to partially capitalize the Türkiye Green Fund, with Maxis as fund manager. The World Bank said the project’s total size was expected to reach $405 million by mobilizing $250 million of private capital at fund and investee level.
The fund’s investment sequence also signals a deliberate move from energy assets into operating companies. TSKB’s 2025 integrated annual report referred to a first Türkiye Green Fund investment of $3.4 million in Poweren in 2024. Anadolu Ajansı reported in May 2026 that the fund made its second investment, a €30 million capital increase, in Sapro Temizlik Ürünleri. Disera is therefore the third disclosed investment and the first in healthcare manufacturing.
This is occurring alongside other climate-finance channels. In June 2026, the World Bank approved €400 million in additional financing for Türkiye’s distributed renewable energy market, split between TKYB and TSKB. The same announcement cited Türkiye’s target of 120 GW of combined wind and solar capacity by 2035, alongside battery storage expansion.
For international investors, the pattern is clear. Türkiye is building a layered green-finance market that includes equity, development-bank lending, export finance and project finance. The practical challenge is matching the right capital instrument with the right corporate structure, investment incentive certificate, environmental permit and operating plan.
Healthcare Opportunity, Compliance Burden
The healthcare angle strengthens the FDI case. The Investment Office of the Presidency of the Republic of Türkiye reports that Türkiye’s medical devices market reached $4.5 billion in 2024 and is expected to grow 57 percent in local currency terms between 2022 and 2027. The same source says Türkiye’s medical device regulations are aligned with EU directives, while medical tourism brought 1,506,442 visitors and $3 billion to the economy in 2024.
Those numbers explain why foreign manufacturers and investors look at Türkiye as more than a sales market. The country offers a combination of domestic healthcare demand, proximity to Europe, the Middle East and North Africa, and an industrial base that can support contract manufacturing, packaging, sterilization, diagnostics distribution and export logistics.
But the regulatory burden is substantial. Türkiye’s Product Tracking System, known as ÜTS, is central to the medical device market. TÜBİTAK BİLGEM says ÜTS was developed with the Turkish Medicines and Medical Devices Agency to monitor medical devices and cosmetics end to end, support inspections and improve clinical engineering processes. For foreign investors, this makes legal and tax compliance, product registration, responsible technical personnel arrangements, local documentation and post-market surveillance operational issues, not back-office formalities.
There is also a public-sector interface. Medical devices often touch public procurement, hospital tenders, reimbursement dynamics, customs controls and Ministry of Health systems. That is where government relations and regulatory liaison become part of market entry strategy. Investors entering through acquisition, joint venture or greenfield production need to understand not only company law and tax treatment, but also how medical device registration, import permits, localization expectations and tender eligibility affect revenue timing.
Export Competitiveness And The Carbon Question
Medical devices are not among the first sectors directly targeted by the EU’s Carbon Border Adjustment Mechanism, which initially covers more carbon-intensive products. Even so, the broader export logic matters. The World Bank said in 2024 that the EU accounts for 40 percent of Turkish exports and that export firms employ about 37 percent of Türkiye’s workforce. Its Türkiye Green Export Project uses a guarantee of up to €600 million to help mobilize up to €1 billion in longer-term financing for exporters’ green investments.
That context makes Disera’s investment commercially relevant even outside heavy industry. European hospital groups, distributors and procurement bodies are increasingly sensitive to supplier emissions, packaging waste, energy sourcing and production traceability. A Turkish medical device producer that can document renewable energy use, local sterilization capacity and lower logistics emissions may have a stronger position in supplier qualification processes.
The same logic applies to foreign investors using Türkiye as a manufacturing base. Import-export facilitation will involve more than customs codes and freight contracts. It will include origin rules, technical documentation, sterilization records, packaging compliance, carbon data and customer-specific sustainability questionnaires. Advisory support in import-export facilitation, legal compliance and project management becomes material when production is tied to regulated healthcare markets.
Incentives And Structuring Questions
Türkiye’s incentives system is another reason the Disera deal deserves investor attention. The Investment Office says Türkiye issued 432 incentive certificates to international investors in 2025, representing TRY 109.5 billion of investment and 16,700 jobs. Available instruments include VAT and customs duty exemptions, corporate tax reductions, social security premium support, land allocation, energy support, R&D and design incentives, and project-based packages.
Foreign investors are formally eligible. Türkiye’s Ministry of Trade states that companies established in Türkiye by foreign real or legal persons can benefit from investment incentives under equal conditions with domestic investors, provided they meet the criteria.
The key issue is design. A foreign medtech investor may need to decide whether to enter through a Turkish joint-stock company, limited liability company, branch, acquisition or joint venture. It may need to place production in an organized industrial zone, apply for an incentive certificate, register products in ÜTS, secure environmental permits, structure intercompany imports and exports, and manage transfer pricing for technology, components or distribution margins.
Disera’s capital increase model also raises a broader point. For growth companies in Türkiye, equity can reduce leverage and fund operational transformation without immediately increasing debt service. For foreign investors, minority stakes or co-investments with local funds can reduce market-entry risk, but they require careful shareholder agreements, governance rights, exit provisions and compliance due diligence.
What This Means For Foreign Investors
The Disera investment shows that Türkiye’s FDI story is increasingly about operating capability, regulatory navigation and green transformation at the same time. Healthcare manufacturing is attractive because demand is growing, export channels are established and regulations are aligned with Europe. It is also demanding because medical devices require product tracking, quality systems, customs discipline, public-sector familiarity and environmental documentation.
For investors considering Türkiye, the immediate advisory steps are practical. Market entry work should identify demand pockets, tender channels, distributor options and export markets. Incorporation and corporate structuring should match the investment model, whether acquisition, joint venture, manufacturing subsidiary or branch. Investment incentives analysis should test eligibility for tax, customs, energy, R&D and regional support before capital expenditure is committed.
Legal and tax compliance should cover ÜTS registration, medical device rules, labor, data, environmental obligations and transfer pricing. Government relations and regulatory liaison matter where projects touch TİTCK, customs, incentive authorities, organized industrial zones or public procurement. Expo and trade-fair representation can help validate buyers and distributors before committing to full market entry. Import-export facilitation and project management then determine whether the investment can move from signed documents to functioning operations.
Disera’s funding is therefore not only a healthcare transaction. It is a signal that Türkiye’s investable companies are being judged on growth, export readiness and measurable green transformation, which is exactly where foreign investors will need disciplined local execution.