EBRD to support Turkmen meat producer Taze Ay
The European Bank for Reconstruction and Development (EBRD) will be providing financial assistance to Turkmenistan-based meat producer Taze Ay in order to expand its production volume.
The loan is offered by EBRD as part of its strategy to support the development of small and medium-sized enterprises (SMEs) in the country.
As part of this initiative, EBRD will be providing a loan of approximately $4.5m in cooperation with Taiwan International Cooperation and Development Fund (ICDF) which will finance a third of the total sum.
TaiwanICDF has been supporting EBRD’s initiatives in the agriculture and food production sectors across Turkmenistan.
The loan will be used by Taze Ay to purchase new refrigerator trucks, which will help increase sales across the country during the extremely hot summer period.
EBRD will also provide Taze Ay a new marketing strategy, which will help the company to export its halal and other meat products to neighbouring countries in Central Asia and the Caspian region.
In addition, the European Union’s (EU’s) Investment Facility for Central Asia will provide more than €50,000 to help the company finance project preparation and business development plans.
EBRD Turkmenistan head Engin Goksu said: “The bank is continuing to work successfully with long-established clients despite an overall challenging economic environment.
“The EBRD's work directly supports the Turkmen government’s economic diversification strategy by strengthening local private firms across various sectors.”
In 2013, EBRD’s Advice for Agribusiness team supported Taze Ay by providing business advice on quality, food safety and company management.
The company also received financing support from the bank for new production lines and distribution network expansion.
Image: EBRD to provide financial assistance to Turkmenistan meat producer Taze Ay. Photo: courtesy of the European Bank for Reconstruction and Development.