Taze Ay receives $4.5m from EBRD to increase halal meat production
The loan is provided in cooperation with TaiwanICDF (International Cooperation and Development Fund) which will finance a third of the total sum, the EBRD statement read.
Through this funding, the family-owned Turkmen company will be able to expand its daily production of halal products from the current 3-4 tons to 15 tons. Furthermore, Taze Aye plans to buy new refrigerator trucks, which will help it increase sales across the country during the extremely hot summer period.
"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," Victoria Zinchuk, Head of EBRD Advice for Agribusiness, said.
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 neighboring countries in Central Asia and the Caspian region.
"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," Engin Goksu, EBRD Head of Turkmenistan, said.
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.
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