BAKU, Azerbaijan, June 17. The European Bank of Reconstruction and Development (EBRD) provided a convertible loan of $12.8 million to Kazakh Araltuz JSC company, a leading producer of the table and technical salt in Central Asia, Trend reports.
According to the bank, the project's purpose is to support Araltuz's investment program aiming at the introduction of new products and sales diversification to new markets. The project will aid in the company's export growth into new markets as a result of the CAPEX (capital expenditure) program's implementation, which will broaden the company's product line to include more value-added goods.
Furthermore, as the bank noted, the project will help the company by implementing a Corporate Governance Action Plan (CGAP), which calls for incorporating the company's larger environmental and social concerns into its governance and decision-making processes.
EBRD's support to Araltuz is identified as providing the relevant internal policies, which are required for the proper implementation of CGAP by the company.
The overall cost of the project is $41.08 million.
