Payhas is a privately-owned local company, targeting the medium-price segment of the ice-cream market in Turkmenistan. The company produces 45 types of ice-cream and aims to further expand its product variety.

With average ice-cream consumption in Turkmenistan of 1.3kg per capita, compared to 3 kg in Russia, 5 kg in eastern Europe and 8.5 kg in EU, the sector has considerable growth potential.

The proceeds of the loan will be used to purchase a new production line which will enable the company to launch layered and twisted type of ice-cream. In addition, Payhas will acquire 800 new refrigerators to strengthen its distribution network and improve presence in retail outlets throughout the country.

“The EBRD is pleased to support the development of Payhas in the current challenging market conditions. This project will boost the competition in the ice-cream segment, to the benefit of local consumers”, said Neil McKain, Head of the EBRD office in Turkmenistan.

“We have already learned a great deal from working with the EBRD. The advices of the technical consultants and financial auditors have put our business on a new level - ready for the capital expansion of our company. Our partnership with the EBRD is a key part of our strategy,” added Sapargeldi Bayramov, owner and CEO of Payhas.

Since the beginning of its operations in Turkmenistan the EBRD has invested €106 million in the country’s corporate, energy, infrastructure and financial sectors, mobilising additional investments worth close to 390 million euros.

To date the EBRD has invested more than 5 billion euros in over 360 agribusiness projects in countries of its operations.