EBRD supports private sector in Turkmenistan
By Trend
The European Bank for Reconstruction and Development (EBRD) is increasing its support for private small and medium-sized enterprises (SMEs) in Turkmenistan with a loan to a local event management and catering company, the EBRD said in a message on October 18.
Strengthening the private sector is the bank’s priority in Turkmenistan and the $850,000 loan provided to Gul Zaman private enterprise will support the expansion of the company into a new business segment.
Gul Zaman is currently Turkmenistan’s leading event organizer
and caterer and employs about 170 people. It has an ambitious plan
to expand its small pastry baking operation to an industrial-scale
bakery which will produce bread, cakes and biscuits to high quality
standards.
The EBRD funds will help Gul Zaman purchase the necessary equipment
for expansion such as modern energy-efficient ovens and delivery
vehicles, and also to open a new cafe and showroom in a central
area of the country’s capital Ashgabat.
“We are extremely pleased to continue to support the Turkmen
private sector by providing not only long term financing, but also
valuable technical expertise to further enhance local standards and
increase competitiveness,” said Engin Goksu, head of the EBRD
office in Turkmenistan.
To date, the EBRD has invested more than 236 million euros in
various projects in Turkmenistan, with a focus on private sector
development and SMEs.
The EBRD’s strategic plan for the countries where it invests for
the period of 2016-2018, including Turkmenistan, has three
priorities – strengthening economic resilience, addressing global
challenges and supporting regional integration.
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