RF - Ak Bulut Liquidity Support

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The provision of US$ 0.5 million loan to finance working capital needs of Turkmenin Rysgaly, one of the leading producers of hygienic products in Turkmenistan

Project ID 52052

Status Repaying

Location

Turkmenistan

Business Sector

Manufacturing and Services

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Batyr Taganov
akbulut.ab@mail.ru
+99365719509
10 km of the Mary-Bayramali Road, Vekilbazar etrap, Mary velayat, Turkmenistan

Project ID 52052

Status Repaying

Location

Turkmenistan

Business Sector

Manufacturing and Services

Notice Type

Private

Environmental Category

Approval Date

03 Nov 2020

Disclosure date

17 Nov 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project description

The provision of US$ 0.5 million loan to finance working capital needs of Turkmenin Rysgaly, one of the leading producers of hygienic products in Turkmenistan

Project objectives

The Project will help the Borrower to:

Reduce the negative impact of the supply chain disruptions caused by the pandemic;
Arrange advance payments for new suppliers.

Transition impact

ETI Score:60

ong>Transition impact is expected to derive from:

Competitive: Support the borrower's efforts in diversifying product range and introducing new products.
Integrated: Significantly increase exports as a share of total sales.

The proposed operation aims to preserve transition impact achieved under the existing project with the borrower.

The existing project with the client received an ETI of 80 at approval. Monitoring is done at the FW level with a current FW PTI of 60.

Client information

TURKMENIN RYSGALY

Turkmenin Rysgaly, a sole proprietorship incorporated in Turkmenistan. The Borrower is one of the leading producers of nappies, hygienic pads and wet wipes in the country. It also packages detergents, imported in bulk, under its own brand. In 2018 the EBRD helped the Borrower diversify its range of products (liquid and hard sope and toothpaste manufacturing and packaging.

EBRD Finance Summary

USD 500,000.00

A senior secured loan of up to US$ 0.5 million for working capital purposes (the purchase of additional raw materials).

Total project cost

USD 500,000.00

Additionality

Covid-19 crisis response: the EBRD financing will bridge the liquidity gap caused by the adverse market conditions. The loan will help Turkmenin Rysgaly receive funds in foreign currency not available from domestic lenders

Environmental & Social Summary

Categorised B and Low Medium risk. The production of hygiene products is associated with a limited number of environmental and social (E&S) impacts, which can be readily identified and managed through appropriate mitigation measures. E&S due diligence was undertaken for the previous transaction with the Company and a limited environmental and social action plan (ESAP) agreed. The Company has provided E&S reporting which confirms on-going compliance with national requirements and the Bank's PRs and demonstrates progress on implementing the agreed ESAP. No additional mitigating measures will be required for this new project. The Company should continue to provide annual E&S reporting to the Bank.

Technical Cooperation and Grant Financing

This project was approved in the context of the Bank's response to the Covid-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to Covid-19, and this deviation, can be found on our website.

Company Contact Information

Batyr Taganov
akbulut.ab@mail.ru
+99365719509
10 km of the Mary-Bayramali Road, Vekilbazar etrap, Mary velayat, Turkmenistan

PSD last updated

17 Nov 2020

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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RF - Ak Bulut Liquidity Support

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)