Baku, Azerbaijan, Dec. 27
By Nigar Guliyeva - Trend:
The European Bank for Reconstruction and Development (EBRD) will provide a $ 6 million loan, of which $1 million will come from the International Cooperation and Development Fund (TaiwanICDF), to Datly Sherbet, one of the leading pastry producers in Turkmenistan.
Datly Sherbet is a sister company of local meat producer Taze Ay Onumleri, an existing client of the EBRD. Both firms sell their produce under the Taze Ay brand. Through financing and business advice, provided by the Bank’s Advice for Agribusiness team in partnership with TaiwanICDF and the EU Investment Facility for Central Asia, the Taze Ay group has launched a number of new products and obtained international quality certification.
Now Datly Sherbet, a bakery belonging to the same family-owned holding, is planning to expand its production. The loan will be used for new equipment and working capital as part of a large investment project that is already under way. The company plans to launch several types of confectionery and bakery products –such as wafers and marshmallows – which at present are almost entirely imported.
Engin Goksu, EBRD Head of Office in Turkmenistan, said that the EBRD’s support of Turkmen producers is in line with the government’s import substitution policy.
Obtaining internationally recognized quality certification will make Datly Sherbet more competitive. Meanwhile, increasing exports will be a step towards closer integration of the Turkmen economy into neighbouring markets.
To date, the EBRD has invested €252 million in Turkmenistan’s economy, with an overwhelming focus on supporting private entrepreneurship.