European Bank for Reconstruction and Development (EBRD) approved $4 million in loans for Arassa Rysgal Individual Enterprise, a producer of Gerçek branded footwear in Turkmenistan, according to the bank’s Project Summary Document (PSD) disclosed on Monday.
The EBRD said the funds will be used to invest into the construction of new production lines to manufacture slippers made of polyvinylchloride, sport footwear and polypropylene yarn.
This will help the company diversify its product range and contribute to its vertical integration, according to the PSD.
The company is expected to use the produced polypropylene yarn in its manufacture of footwear and sell the rest.
Arassa Rysgal is a leading manufacturer of light footwear in Turkmenistan. The company annually produces 6 million pairs of flip-flops, more than 40,000 wellington boots and 80,000 trainers.