Turkmen meat producer Taze Ay has received a US$4.5m loan from the European Bank for Reconstruction and Development as part of the lender’s strategy to support the development of small- and medium-sized businesses.
The loan was provided in cooperation with Taiwan’s International Cooperation and Development Fund, which will finance a third of the total sum, the EBRD said in a statement today (25 September). Taze Ay will use the capital to expand daily production of its halal products from three to four tonnes now to 15 tonnes, along with new refrigerator trucks.
Taze Ay will also embark on a new marketing strategy, with the help of the EBRD, to start exporting to neighbouring countries in Central Asia and the Caspian region. At present, halal meat products make up 12% of the company’s output. Located in the city of Mary, the family-owned business is also involved in confectionery and bakery.
Separately, the European Union’s Investment Facility for Central Asia will provide over EUR50,000 (US$59,350) to help the company finance project preparation and business development plans.
Victoria Zinchuk, head of EBRD advice for agribusiness, said: “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.”