Turkmenistan, Mary City. Turkmenistan-based meat processor Taze Ay has been granted a loan of $800,000 to fund the expansion of its sausage production hub in Mary.
Taze Ay has received a joint loan from the European Bank for Reconstruction and Development (EBRD) and the Taiwan International Cooperation and Development Fund (TICDF). Together, the two financial firms will loan $800,000 to Taze Ay, as it aims to expand production capacity by a quarter.
The EBRD will provide $560,000 to Taze Ay, with the remaining $240,000 to come from the TICDF. It is not the first time the business, founded in 2005 by three brothers, has been supported by the EBRD – it has been financially supported by the bank since 2013. In that time it has used monetary support to build new production lines, expand its distribution network and improve food safety.
To data, EBRD has pumped over $260 mill. into Turkmenistan, the bulk of which was invested in privately-owned manufacturing companies. Taze Ay is just one of the companies to benefit from the financial stimulus.