(BRIEF) The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of Araltuz, a primary salt producer in Kazakhstan, with a convertible loan of up to KZT 5. 5 billion. This funding will facilitate the modernization of Araltuz’s production facilities. In addition, the loan aims to diversify Araltuz’s export markets, focusing on Europe, the Middle East and China. The EBRD’s assistance will also be accompanied by the implementation of a corporate governance action plan for Araltuz’s operational power and transparency. This investment underscores the EBRD’s ongoing commitment to supporting Kazakhstan’s economic development, marking a vital milestone in Araltuz’s adventure towards expansion and diversification.
(PRESS RELEASE) LONDON, March 16, 2024 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) is supporting Araltuz, one of Kazakhstan’s leading manufacturers of low-quality table and technical salt in Central Asia, by offering a convertible loan of up to KZT 5. 5 billion (€11 million).
The budget will go to Salt Industry Ltd. , a joint-stock company operating under the jurisdiction of the Astana International Financial Centre, and the Araltuz holding company. They will contribute to the company’s investment program and the structure of new production facilities to start domestic production of vacuum salt (also known as evaporated salt or culinary salt).
The EBRD loan will allow Araltuz to diversify its export plan and expand into Europe, the Middle East and China.
As part of the assignment and with the support of the EBRD, Araltuz will also implement a corporate governance action plan.
With more than €10. 1 billion invested to date in 320 projects in the country, Kazakhstan is the EBRD’s largest and oldest banking operation in Central Asia.
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SOURCE: EBRD
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