Tashkent, Uzbekistan (UzDaily.com) -- The European Bank for Reconstruction and Development (EBRD) is helping to develop the local market of fast-moving consumer goods in Uzbekistan by extending a loan to a local distributor Star Group, which also owns multi-brand beauty and personal care shops in Tashkent.

The Bank’s loan of up to US$14 million (€13 million) will help Star Group to finance its growing working capital needs, expand regionally and build a class A energy efficient warehouse. The funds will also be used to acquire new electric vehicles for its fleet of delivery trucks.

The project is being supported by a US$82,000 (€ 76.300) grant from the EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC) programme, financed by the Global Environment Facility. The warehouse will aim to receive EDGE certification for the efficient use of water and materials.

As part of the project, Star Group has committed to promote inclusion in the workplace by increasing the share of female employees within its workforce to at least 45 per cent.

Technical assistance on the project is being provided by the Japan-Europe Cooperation Fund.

In 2023 Uzbekistan was the leading recipient of EBRD funding in Central Asia for the fourth year in a row. To date, the Bank has invested around €4.5 billion in 155 projects across the country, with most of those funds supporting private entrepreneurship.