European Bank for Reconstruction and Development (EBRD) approved the provision of loan of up to $2 million to Agaýana Individual Enterprise, the only producer of particleboard in Turkmenistan, according to the bank’s Project Summary Document (PSD) disclosed on Wednesday.
The EBRD said the funds will be used to finance the purchase of different equipment, which will increase the production capacity of the plant and expand its range of products.
The objectives of this project is to increase Agaýana output and diversify its product range, further strengthen its market position.
The project also aims to enable the company, owned by businessman Nurmyrat Berdiyev, expand its exports to Azerbaijan, the Kyrgyz Republic, Tajikistan and Uzbekistan, according to the PSD.
Agaýana IE, located in Oguzhan etrap of Turkmenistan’s Mary velayat, mainly produces particleboard, widely used in construction and repair works. The main raw matrerials used in production are cotton stalk and sawdust. The company’s current annual production capacity stands at 20 thousand cubic meters.