Baku, Azerbaijan, Oct. 7
By Elena Kosolapova - Trend:
The European Bank for Reconstruction and Development (EBRD) is stepping up its support for private small and medium-sized enterprises in Turkmenistan with funding to Taze Ay, a processed meat producer based in the southern city of Mary, the bank reported on Oct.7.
The EBRD, in cooperation with the Taiwan International Cooperation and Development Fund, will extend $800,000 to Taze Ay, of which the bank will provide $560,000 and the fund the remaining $240,000. The funding will enable Taze Ay to expand its production capacity by about 25 percent.
Taze Ay has been supported by the EBRD since 2013, receiving financing for new production lines and distribution network expansion along with business advice on quality, food safety and company management from the EBRD’s Advice for Agribusiness team.
“Supporting local entrepreneurs which strive to satisfy local demand with quality products is one of our priorities in Turkmenistan,” Engin Goksu, EBRD Head of Office in Turkmenistan said.
To date, the EBRD has invested over $260 million in Turkmenistan, mainly in privately owned manufacturing companies.
Follow the author on Twitter: @E_Kosolapova