Ashgabat, Turkmenistan, Sept. 28
By Huseyn Hasanov– Trend:
Taze Ay, a family-owned Turkmen meat producer, is the latest private sector company to benefit from the EBRD’s strategy to support the development of small and medium-sized enterprises (SMEs) in the country, the EBRD said in a press release.
The EBRD will provide the company with a loan of up to $4.5 million in cooperation with Taiwan ICDF (International Cooperation and Development Fund) which will finance a third of the total sum.
“The funding will help Taze Ay expand its daily production volume of halal products from the current 3-4 tons to 15 tons,” said the message. “The company will also acquire new refrigerator trucks, which will help it increase sales across the country during the extremely hot summer period.”
A new marketing strategy, supported by the EBRD, will allow Taze Ay to start exporting its halal and other products, made according to traditional and popular recipes, to neighboring countries in Central Asia and the Caspian region.
Taze Ay is part of a family-owned business group which is also active in confectionery, bakery and logistics services and located in Mary, one of the country’s major municipalities. It is a long-standing EBRD client and has also benefited from the Bank’s expert advice and financial assistance.
In addition, the EU’s Investment Facility for Central Asia will provide over 50,000 euros to help the company finance project preparation and business development plans.
Medium-sized private companies, including those in the agriculture and food production sectors, are one of the main priorities for the EBRD in Turkmenistan, where the Bank has so far invested close to 250 million euros.