Taze Ay secures funding from EBRD

Turkmenistan-based manufacturer of sausage products Taze Ay has secured funding from the European Bank for Reconstruction and Development (EBRD).

EBRD has sanctioned the fund as part of its support for private small and medium-sized enterprises. In cooperation with the Taiwan International Cooperation and Development Fund, $800,000 will be offered to Taze Ay, which includes a constribution of $560,000 from the bank.

With the offering, Taze Ay will be enhancing production capacity by 25%.

Established in 2005 by three brothers, Taze Ay has already been receiving funds from EBRD for its new production lines and distribution network expansion. It also received business advice on quality, food safety, and company management from the EBRD’s Advice for Agribusiness team.

Taze Ay's CEO and one of the original founders Begench Orazov said: “Our customers want quality products. New equipment purchased with EBRD financing allows us to produce better quality sausage and meat products and it is an investment that pays for itself as it allows us to increase our output.

“We are already the number one producer in the country and with the planned capacity expansion we will substitute more imports with domestic quality products, tailored to local tastes and attractively priced.”

One of the EBRD’s priorities has been to strengthen the economic structure of countries where it operates by offering support to the local private sector.

EBRD's Advice for Agribusiness head Victoria Zinchuk said: “All EBRD clients in the agribusiness sector in Turkmenistan have received support from international advisers either before or after financing. The quality of our portfolio in the country confirms that this model works.”

EBRD’s strategic plan for 2016-18 also includes addressing global challenges and supporting regional integration as priorities. To date, EBRD has invested more than $260m in Turkmenistan, mainly in privately owned manufacturing companies.

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Image: Taze Ay secures funding from EBRD. Photo: courtesy of European Bank for Reconstruction and Development.