EBRD provides loan to Datly Sherbet in Turkmenistan

The European Bank for Reconstruction and Development (EBRD) has agreed to provide a loan to the Turkmenistan-based pastry producer Datly Sherbet.

The loan will be offered as part of the bank’s investment strategy, which focuses on supporting small businesses in Turkmenistan.

Located in the provincial capital of Mary, Datly Sherbet will receive a loan amount of $6m from EBRD, of which $1m will come from the International Cooperation and Development Fund (TaiwanICDF).

Datly Sherbet, which is a sister company of local meat producer Taze Ay Onumleri, will use the loan amount for purchasing new equipment and as the working capital for a large investment project that is already underway.

The company will also increase its production of pastry as well as launch a wide range of confectionery and bakery products such as wafers and marshmallows.

EBRD Turkmenistan office head Engin Goksu said: “We are very pleased that our continuing cooperation with this dynamic holding will result in more choice for consumers in Turkmenistan, and especially that the holding is introducing new standards of quality by providing retailers – often small privately owned shops – with refrigerators.

“Datly Sherbet is already offering families locally made bakery products.

“I am sure that the continued cooperation with the EBRD will help the company obtain the necessary international certification to boost exports.

“The EBRD’s support of Turkmen producers is in line with the government’s import substitution policy.”

Datly Sherbet currently exports biscuits and muffins and is planning to increase its exports once the new lines have become operational.