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Light
Eng
Eng
- EBRD extending US$ 6 million to Angren Group
- Funds will support the only local producer of non-woven glass fibre sheets
- Project will increase competition in the sector, reduce reliance on imports
The European Bank for Reconstruction and Development (EBRD) is stimulating domestic production in Uzbekistan of the eco-friendly building material known as glass veil by supporting the operations of Angren Group, the country’s leading producer of non-woven glass fibre and glass wool.
The EBRD’s loan of up to US$ 6 million (€ 5.2 million) to Angren Group will help the company to purchase colouring equipment and will provide working capital for its glass fibre sheet manufacturing plant. The funds will also help to restructure the firm’s balance sheet.
Angren Group is the only local producer of non-woven glass fibre sheets, serving a market that remains reliant on imports. This building material is widely used in manufacturing drywall and creating interior and exterior facades.
Uzbekistan’s construction sector accounted for almost 7 per cent of the country’s GDP in 2024 and is expected to grow in the years ahead. It triggers parallel growth in the building materials sector.
By launching local production of coloured glass veil, Angren Group is improving the availability and affordability of this high-quality, eco-friendly building material, stimulating competition in the sector and easing reliance on imports.
As part of the project, Angren Group will improve its corporate governance through the adoption of a corporate governance action plan.
The project is supported by technical cooperation funds provided by the Japan-EBRD Cooperation Fund.
The Bank has invested almost €5.6 billion in Uzbekistan to date across 181 projects, with most of the funds supporting private entrepreneurship. The country has been the leading recipient of EBRD funding in Central Asia for each of the past five years.