EBRD to provide up to US$ 20 million (€17.7 million) to support the expansion of Star GroupCompany to increase its regional presence and portfolio of productsProject to benefit from donor-funded corporate governance and gender equality supportThe European Bank for Reconstruction and Development (EBRD) is promoting entrepreneurial initiative and strengthening privately owned businesses in Uzbekistan by supporting the operations of consumer goods retailer Star Group. The EBRD is lending up to US$ 20 million (€17.7 million) to Support Samarqand, Bloomshop, Star Distribution and Star FMCG, collectively known as Star Group, a rapidly growing local distributor of fast-moving consumer goods.The loan will finance Star Group’s working capital needs and facilitate its business expansion, including that of its Tashkent- and Samarkand-based beauty-shop retail chain. The group will use the funds to both grow its regional presence and expand its product range.The project will also benefit from grant funding provided by the Bank and the Japan-EBRD Cooperation Fund to help Star Group to develop its corporate governance action plan.The EBRD will further help Star Group to support women’s careers and keep talented female staff by setting up a mentorship programme.The EBRD has invested almost US$ 7.3 billion (€6.5 billion) in Uzbekistan to date through 219 projects, with most of those funds going to support private entrepreneurship (ICE ALMATY)

Fonte notizia: EBRD