ASHGABAT (TCA) — The European Bank for Reconstruction and Development (EBRD) is stepping up its support for private small and medium-sized enterprises in Turkmenistan with funding to Taze Ay, a processed meat producer based in the southern city of Mary, the EBRD press office reported.
The EBRD, in cooperation with the Taiwan International Cooperation and Development Fund, will extend US $800,000 to Taze Ay, of which the Bank will provide US $560,000 and the Fund the remaining US $240,000. The funding will enable Taze Ay to expand its production capacity by about 25 per cent.
Taze Ay was founded in 2005. The company has been supported by the EBRD since 2013, receiving financing for new production lines and distribution network expansion along with business advice on quality, food safety and company management from the EBRD’s Advice for Agribusiness team.
“All EBRD clients in the agribusiness sector in Turkmenistan have received support from international advisers, either before or after financing. The quality of our portfolio in the country confirms that this model works,” said Victoria Zinchuk, EBRD Head of Advice for Agribusiness.
Begench Orazov, the company’s CEO and one of the original founders, said: “Our customers want quality products. New equipment, purchased with EBRD financing, allows us to produce better quality sausage and meat products, and it is an investment that pays for itself as it allows us to increase our output. We are already the number one producer in the country and with the planned capacity expansion we will substitute more imports with domestic quality products, tailored to local tastes and attractively priced.”
Engin Goksu, EBRD Head of Office in Turkmenistan, added: “Supporting local entrepreneurs which strive to satisfy local demand with quality products is one of our priorities in Turkmenistan. Taze Ay is one of these companies which are showing impressive growth as a result of cooperation with the EBRD.”
To date, the EBRD has invested over US $260 million in Turkmenistan, mainly in privately owned manufacturing companies.