The European Bank for Reconstruction and Development (EBRD) says it is supporting the expansion of Araltuz, a leading Kazakhstan-based producer of table and low-grade technical salt in Central Asia, by extending a convertible loan of up to KZT 5.5 billion (€11 million).
The funds will be provided to Salt Industry Ltd., a joint-stock company operating under the jurisdiction of the Astana International Financial Centre and a holding company of Araltuz. They will contribute to the company’s investment program and support the construction of new manufacturing facilities to launch the domestic production of vacuum salt (also known as evaporated or culinary salt).
The EBRD loan will also help Araltuz diversify the structure of its exports and expand to Europe, the Middle East and China.
As part of the project and with the EBRD assistance, Araltuz will also implement a corporate governance action plan.
With more than €10.1 billion invested in the country to date through 320 projects, Kazakhstan is the EBRD’s largest and longest-running banking operation in Central Asia.
