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.
“Our customers want quality products,” said Begench Orazov, CEO and cofounder of Taze Ay. “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.”
Taze Ay ‘impressive’
To data, EBRD has pumped over $260m 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.
“Supporting local entrepreneurs which strive to satisfy local demand with quality products is one of our priorities in Turkmenistan,” said Engin Goksu, EBRD head of office in Turkmenistan. “Taze Ay is one of the companies that is showing impressive growth as a result of cooperation with the EBRD.”
Victoria Zinchuk, EBRD head of advice for agribusiness, added: “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.”