ASTANA. May 26 (Interfax-Kazakhstan) – President The EBRD will fund a long-term loan of up to EUR 15 million in Kazakh Tenge equivalent to FoodMaster Company JSC, Kazakhstan leading dairy company, to fund capital expenditures program and working capital needs, the bank’s press office said.
FoodMaster will direct funds into upgrading its dairy processing plants and dairy farms and launching new products; as well as some working capital needs.
“The investment program will help FoodMaster to achieve the best international industry practices in terms of food quality and safety and E&S,” the bank said.
The Project will also support the expansion of competitive market interactions by supporting the development of cold chain logistics.
The EBRD, in cooperation with the Food and Agriculture Organization of the United Nations (FAO), initiated a TC to enhance the competitiveness and inclusiveness of the Kazakh dairy industry by promoting solutions for improved milk production and collection and for better quality dairy products. The Company’s engagement will maximize the positive demonstration of new behaviors and activities and will invite replication by dairy sector stakeholders of best practices in animal husbandry, cold chain development, and quality management and control.
To date, the EBRD has invested over €6.3 billion in Kazakhstan through more than 200 projects in infrastructure, energy, agribusiness, industry and finance. In 2015, the EBRD invested more than 700 million euros in Kazakhstan, including 120 million euros in the agricultural sector.
In 2004 FoodMaster became a member of Lactalis Group, an international diary giant.