EBRD to provide new loan for Turkmenistan's construction sector

Finance Materials 2 July 2020 15:54 (UTC +04:00)
EBRD to provide new loan for Turkmenistan's construction sector

BAKU, Azerbaijan, July 2

By Jeila Aliyeva - Trend:

European Bank for Reconstruction and Development (EBRD) will allocate a loan for Turkmenistan’s Ak-hunji company, the representative of EBRD Anton Usov told Trend.

Ak-hunji company is engaged in production of building materials in Turkmenistan. Thus, the country's construction sector will receive a timely inflow of funds.

"The loan will be allocated to the mentioned company at the end of July," Usov said, without mentioning the amount of the loan.

The report dismissed previous news that EBRD has already provided a loan to Ak-hunji company, as reported by Business Turkmenistan news portal.

"The loan amount is $1.8 million. An individual enterprise will be able to improve the quality and durability of its products, as well as increase its export abroad," the report had said.

Launched in 2009, Ak-hunji operates using modern and safe raw materials from the Republic of Korea, China and Hungary. Ak-hunji company produces 60 types of decorative profiles and ceiling panels as well as 200 types of architectural elements for building facades. An important share of the company's products accounts for sandwich panels.

Anton Usov added that EBRD may provide similar loans to Turkmen companies if the right opportunities emerge.

The European Bank for Reconstruction and Development pays special attention to expanding private sector activities in Turkmenistan’s corporate and financial sectors. To date, the bank has implemented over 70 projects in the country.

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