Turkmenistan to receive EBRD loan to address legacy of oil production activities
BAKU, Azerbaijan, August 4
By Jeila Aliyeva - Trend:
The European Bank for Reconstruction and Development (EBRD) has allocated a loan of $12.9 million to Turkmenistan's provider of environmental remediation services - Mawy Kenar Joint Venture, Trend reports with reference to the Business Turkmenistan information portal.
The company will use the allocated loan for addressing the legacy of oil production activities in the Balkan region of Turkmenistan, the report said.
The loan will also allow Mawi Kenar to acquire a mobile sludge treatment unit and mitigate the impact of COVID-19 on the company operations.
Earlier, representative of EBRD Anton Usov told Trend that since the start of its operations in Turkmenistan, EBRD has invested 272 million euros through 70 projects in a wide range of country’s sectors.
In particular, these investments enabled more than 200 small and medium-sized enterprises in the country to access business advice, Usov added.
Furthermore, the bank allocated a loan worth $1.3 million to support a private Rysgally El company that produces hygienic goods.
Usov added that EBRD plans to continue supporting private sector development, both directly and indirectly via local partner banks including provision of funds to privately-owned companies focusing on food processing and distribution, logistics, transport services, packaging, furniture, and hospitality.
The European Bank for Reconstruction and Development pays special attention to expanding private sector activities in Turkmenistan’s corporate and financial sectors, he noted.
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