The European Bank for Reconstruction and Development has awarded US$1.5m in investment to the TAKF confectionery plant in Tambov. TAKF is a subsidiary of well known Moscow confectioner Krasny Oktyabr.

Some of the money was provided to TAKF as a long-term loan, while the remainder was used by EBRD to buy a new issue of 1.5 million shares in TAKF.

The money will be channelled into modernising and expanding wafer production facilities. Annual production is set to rise from 1,500 tonnes to 3,500 tonnes.