The EBRD is supporting the development of one of the first modern food retail chains in Turkmenistan with a $1.9m equity investment in Ak Enar.
Established in 2008, the locally-owned Ak Enar is the first retail chain in Turkmenistan, currently operating in Ashgabad. The food retail sector in the country is still dominated by small groceries and open market sales.
The EBRD investment will finance further expansion of the Ak Enar’s network, helping the company to grow its retail chain across Turkmenistan. The project will support Ak Enar’s strategy to develop a chain of stores located close to residential areas, bringing the modern retail experience to customers in Turkmenistan and providing a wide range of quality products at competitive prices.
The equity investment is provided to Ek Anar under the EBRD’s Direct Investment Facility, a vehicle used to stimulate market activity by using a streamlined approach to financing smaller projects, mobilising more investment, and encouraging economic reform.
In addition, the EBRD is helping to improve Ek Anar’s retail management through the Bank’s TurnAround Management Programme, aimed at assisting private enterprises to adapt to the demands of a market economy.