The EBRD is continuing to support the real economy in the Kyrgyz Republic with a loan to the largest furniture-maker in the country, Lina Ltd.
The company, together with the rest of the country, is recovering from the effects of the global economic crisis of 2008-09 and the political tensions of 2010. Despite difficult times, Lina is hoping to extend its manufacturing base and enter new markets.
The EBRD loan of US$ 650,000 will be mostly used to finance the purchase of new mattress-making equipment and install better ventilation in the factory to improve health and safety.
The EBRD also provides the company with technical cooperation worth over US$ 50,000, associated with the loan, for energy efficiency and accounting improvement.
"The EBRD will continue to be an important partner for the country’s private sector development. The loan to Lina is part of the EBRD's expansion of activities in the country's small and medium-sized enterprise sector,” said Olivier Descamps, EBRD's Managing Director for Turkey, Eastern Europe, the Caucasus and Central Asia.
"This loan will allow us to enter a new market by improving the quality of the products and introducing international standards. We are looking forward to a successful long-term cooperation with the EBRD," said Giaz Halilov, CEO of Lina Ltd.
The EBRD's main strategic priorities in the Kyrgyz Republic are to support the private sector, stabilise and develop the financial sector and strengthen critical infrastructure.