▲ Up
07:50 24-02-2019
АКИpress CA-News Tazabek Turmush
EBRD finances expansion of Turkmen meat producer Taze Ay
Central Asia | business | 09:07, 26 September 2017 | 2733

AKIPRESS.COM - Taze Ay, a family-owned Turkmen meat producer, is the latest private sector company to benefit from the EBRD’s strategy to support the development of small and medium-sized enterprises (SMEs) in the country, EBRD said in a release.

The EBRD will provide the company with a loan of up to US$ 4.5 million in cooperation with TaiwanICDF (International Cooperation and Development Fund) which will finance a third of the total sum.

The funding will help Taze Ay expand its daily production volume of halal products from the current 3-4 tonnes to 15 tonnes. The company will also acquire new refrigerator trucks, which will help it increase sales across the country during the extremely hot summer period.

A new marketing strategy, supported by the EBRD, will allow Taze Ay to start exporting its halal and other products, made according to traditional and popular recipes, to neighbouring countries in Central Asia and the Caspian region. Currently, halal meat products are only 12 per cent of the company’s output.

Taze Ay is part of a family-owned business group which is also active in confectionery, bakery and logistics services and located in Mary, one of the country’s major municipalities. It is a long-standing EBRD client and has also benefited from the Bank’s expert advice and financial assistance.

In addition, the EU’s Investment Facility for Central Asia will provide over €50,000 to help the company finance project preparation and business development plans.

Engin Goksu, EBRD Head of Turkmenistan, 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.”

Victoria Zinchuk, Head of EBRD Advice for Agribusiness, added: “The EBRD’s cooperation with Taze Ay is a very good example of how a combination of financing and advisory services has helped the company to double its sales. Since our first advisory project with Taze Ay in 2013 the company managed to expand production, become more efficient, improve quality and design of their products and as a result grow into a market leader.”

The EBRD;s activities in the agriculture and food production sectors in Turkmenistan are supported by donors such as TaiwanICDF, which has so far supported seven EBRD projects, including one previous loan to Taze Ay.

Medium-sized private companies, including those in the agriculture and food production sectors, are one of the main priorities for the EBRD in Turkmenistan, where the Bank has so far invested close to €250 million. Ninety per cent of the Bank’s investments in the country support local SMEs.

18:27 Foreign Minister Aidarbekov meets outgoing Ambassador of Russia18:21 Prime Ministers of Kyrgyzstan, Kazakhstan discuss ban on export of Kyrgyz agricultural products18:17 Foreign Minister Aidarbekov meets head of International Liaison Department of China’s Communist Party Central Committee18:06 Foreign Minister Aidarbekov, National People's Congress Foreign Affairs Committee Chairman discuss cooperation16:52 North Korea warns of food crisis, slashes rations by nearly half16:38 Trade of Kyrgyzstan with Turkey grows for $6.7 million in 201816:27 Central Asia’s largest solar power plant opened in Karaganda region16:20 Venezuelan refugees now number 3.4 million; humanitarian implications massive, UN warns16:16 France says it has killed top Al Qaeda commander in Sahel16:14 China, Netherlands, UK among major county investors of Kyrgyzstan16:01 Tajik opposition figure arrested after return from self-imposed exile, Netherlands confirms15:58 OSCE trains police officers to combat domestic violence in Kazakhstan15:55 World Bank recommends more proactive approach to Kyrgyz government to address market failures in food value chain15:49 Real GDP growth to accelerate slowly to 3.9% by 2020, World Bank says15:43 Real GDP growth of Kyrgyzstan slows to 3.1% in 201815:36 General Manager of Coca-Cola Turkmenistan reportedly committed suicide13:24 Delegation of Kyrgyzstan attends Kyrgyzstan-China business forum12:46 ISIS bride's father sues President Trump, Mike Pompeo over her citizenship to help bring her and 18-month-old son to United States11:56 Uzbekistan seeks $300 mln loan from Russia's Gazprombank for gas complex11:51 New oviraptorosaur species found in Mongolia
© AKIpress News Agency - 2001-2019. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)65-03-06