EBRD and EU to help private Turkmen meat producer to expand production facilities
The European Bank for Reconstruction and Development (EBRD) will extend a credit line to the Turkmen company "Täze Aý" in the amount of up to US $ 4.5 million. One third of the sum will be provided by the International Cooperation and Development Fund “TaiwanICDF”.
In parallel, the EU’s Investment Facility for Central Asia will also grant financial support to the company totaling at €50,000, which will be allocated for a number of projects and business development plans.
At the expense of provided funds, the private meat and sausage producer based in the Mary province, intends to almost triple the output of halal products from 3 to 15 tons and to purchase new refrigerators that will help to expand sales throughout the country, especially during the hot summer period.
The plans are also to establish export of meat products to neighboring Central Asian and Caspian countries.
The family business group “Täze Aý”, established in 2004, has proved itself in the domestic market as one of the leading food producers. The company’s enterprises also successfully run confectionery and bakery production.
“Täze Aý” has been supported by the Bank since 2013 and, in addition to financial assistance, benefits from the consulting services of EBRD Advice for Agribusiness.
To date, the EBRD has invested over $ 260 million in the development of small and medium-sized enterprises in Turkmenistan.
