Turkmenistan: Turkmen brewer to get financial support from the EBRD

The European Bank for Reconstruction and Development (EBRD) is providing $2.7 million loan to Altyn Aylag, a private brewery operating in Turkmenistan, to support company’s drive to expand production capacity, Finchannel.com reported on December, 19.

Altyn Aylag, one of the leading beer producers in Turkmenistan, aims to increase its production volumes in order to meet the existing demand for competitively priced beer.

The proceeds of the EBRD loan will finance Altyn Aylag’s expansion project, which includes construction of a new brewery, purchase of packaging equipment and additional delivery trucks.

According to EBRD, this project will help Altyn Aylag to more than double its current production capacity from 16,000 litres per day to more than 36,000 litres. Additionally, Altyn Aylag will widen the variety and tastes of produced beer using the latest production and technology.

The brewery is also benefiting from the EBRD TurnAround Management Programme with experts working on marketing, brewing and the introduction of a new accountancy system.

“This project reinforces the EBRD’s commitment to invest in the development of private businesses in Turkmenistan. We are pleased to support Altyn Aylag’s growth strategy – expanding the market by substituting quality local product for expensive imports,” said Masaru Honma, EBRD Director for Central Asia.

“Cooperation with EBRD has given us given us a clear achievable business plan backed by investment in the latest technology,” said Mergen Altymukhammedov, CEO of Altyn Aylak.

23 December, 2009