Ashgabat, Turkmenistan, Oct. 18
By Huseyn Hasanov – Trend:
The European Bank for Reconstruction and Development (EBRD) is increasing its support for private small and medium-sized enterprises (SMEs) in Turkmenistan with a loan to a local event management and catering company, the EBRD said in a message Oct. 18.
Strengthening the private sector is the bank’s priority in Turkmenistan and the $850,000 loan provided to Gul Zaman private enterprise will support the expansion of the company into a new business segment.
Gul Zaman is currently Turkmenistan’s leading event organizer and caterer and employs about 170 people. It has an ambitious plan to expand its small pastry baking operation to an industrial-scale bakery which will produce bread, cakes and biscuits to high quality standards.
The EBRD funds will help Gul Zaman purchase the necessary equipment for expansion such as modern energy-efficient ovens and delivery vehicles, and also to open a new cafe and showroom in a central area of the country’s capital Ashgabat.
“We are extremely pleased to continue to support the Turkmen private sector by providing not only long term financing, but also valuable technical expertise to further enhance local standards and increase competitiveness,” said Engin Goksu, head of the EBRD office in Turkmenistan.
To date, the EBRD has invested more than 236 million euros in various projects in Turkmenistan, with a focus on private sector development and SMEs.
The EBRD’s strategic plan for the countries where it invests for the period of 2016-2018, including Turkmenistan, has three priorities – strengthening economic resilience, addressing global challenges and supporting regional integration.