The provision of a US$ 4 million to loan to Arassa Rysgal, a Turkmenistan based producer of footwear. The funds will be used to invset into the construction of new production lines to manufacture slippers made of polyvinylchloride, sport footwear and polypropylene yarn. This will help the company diversify product range and contribute to its vertical integration.
The Project will enable Arassa Rysgal to both enhance its market position and improve the production efficiency through the introduction of polypropylene yarn, part of which the company will use to manufacture the footwear while selling the rest.
ETI score: 80
The DFF SME framework primarily targets the Competitive quality by helping the SMEs to restructure and to become more efficient or professional. Sub-projects can target any of the other transition qualities as the secondary objective. The majority of projects typically support the Well-governed quality by helping companies improve their financial management, or the Green quality by facilitating energy efficiency or environmental improvements.
ARASSA RYSGAL IE
Individual Enterprise "Arassa Rysgal", a legal private entity which runs a factory producing flip flops and slippers in the city of Mary, eastern Turkmenistan
EBRD Finance Summary
Senior secured debt of US$ 4.0m divided into two equal tranches.
Total Project Cost
US$4 million loan to finance both capex and working capital needs
Financing structure: The EBRD is offering financing that is not available from commercial sources on reasonable terms and conditions (longer grace period, FX financing, etc.)
Standard-setting: helping projects and clients achieve higher standards: Client seeks/makes use of the EBRD expertise in energy and resource efficiency and climate resiliencefinancing throught the provision of energy and climate audits, minimum performance standards of technologies, climate related strategies and policies, monitoring, reporting and verification systems etc.
Technical Cooperation and Grant Financing
Company Contact Information
2.5 kilometer of the north-eastern part of the Ashgabat-Mary bypass road, Gengeshlik Gyami, Ak Bugday etrap, Ahal velayat, Turkmenistan
PSD last updated
02 Aug 2021
Further information regarding the EBRD’s approach to measuring transition impact is available here.
For business opportunities or procurement, contact the client company.
For business opportunities with EBRD (not related to procurement) contact:
Tel: +44 20 7338 7168
Specific enquiries can be made using the EBRD Enquiries form.
Environmental and Social Policy (ESP)
The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.
OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to firstname.lastname@example.org. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM via email email@example.com to get guidance and more information on IPAM and how to submit a request.