By Anton Usov
The European Bank for Reconstruction and Development (EBRD) is strengthening small and medium-sized enterprises (SMEs) in Turkmenistan with working capital financing needed to support their operations affected by the impact of the coronavirus pandemic.
The Bank is providing a senior loan of up to US$1.5 million to the domestic snacks producer Ӓlem Gӓmisi. The funds will be used for working capital purposes and help Ӓlem Gӓmisi manage increased delivery terms and transportation costs due to the crisis.
In response to the unprecedented global crisis the EBRD has adopted a Solidarity Package and expects to dedicate the entirety of its business investments of up to €21 billion(US$24.63billion) in the period 2020-21 to combat the economic impact of the coronavirus.
Since the start of its operations in Turkmenistan, the EBRD has invested €286 million through 79 projects in a wide range of sectors.
