EBRD extends loan for Turkmen transport company

The European Bank for Reconstruction and Development (EBRD) has extended a $2.1 million loan to Turkmenistan’s private transport company Avtotrans, the bank said in a message on Feb.8.

The loan will be used to finance an acquisition of up to 25 semi-trailer trucks and other vehicles such as truck cranes, buses and sport utility vehicles (SUVs) to support the company’s present and future activities in transportation and construction.

Avtotrans is also planning to expand its fleet to gradually tap into the international transportation market. The company is currently looking into new export and import opportunities with industrial producers in various sectors in Belarus, Turkey, Afghanistan, China and Ukraine.

“This will support Turkmenistan’s closer and deeper integration into the global economy – one of the EBRD’s key goals for Turkmenistan,” the EBRD’s reported.

Avtotrans Holding Company undertakes construction, transportation, trading and advertising activities in the Lebap province in the north-east of Turkmenistan. It was founded in 1995 as a provider of transport services and over the years diversified into other business segments.

To date, the EBRD has invested €238 million into various sectors of the economy of Turkmenistan.

/By Trend/