EBRD allocated loan for private business project in Turkmenistan
Ashgabat, Turkmenistan, Aug. 21
By Huseyn Hasanov– Trend:
Households in Turkmenistan will have better access to high-quality affordable hygienic products after the launch of a new production facility at Rysgally El supported by EBRD, Trend reports referring to the bank.
The manufacturer of baby diapers will receive an EBRD loan of up to US$ 1.3 million to replace obsolete production equipment and install new production systems that will allow the company to produce around 40 million diapers per year.
“The EBRD is very happy to support local private companies like Rysgally El, which are vital for developing the country’s manufacturing sector and offer alternatives to expensive imports,” said Neil McKain, the EBRD Regional Head for Central Asia, during the ceremony held in the EBRD’s Ashgabat Resident Office.
According to the United Nations Department of Economic and Social Affairs, more than 120,000 children will be born in Turkmenistan during 2019 and the total number of births per year is likely to rise in future.
Rysgally El will be well placed to address the increasing market demand for baby diapers.
The EBRD investment is in line with the Bank’s strategy of supporting sound private initiatives in Turkmenistan that have good growth prospects.
Since the start of its operations in Turkmenistan, the EBRD has invested €272 million through 70 projects in a wide range of sectors and has enabled more than 200 small and medium-sized enterprises to access business advice.