Early Warning System

Countries

Turkmenistan

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Jun 23, 2020

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Economic Society Ak Gap

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Agriculture and Forestry
Finance
Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 2.50 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Project Cost (USD)

$ 3.50 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Sep 19, 2020

Disclosed by Bank Jul 6, 2020

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Can you contribute information about this project?
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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to EBRD project description this financing is provided to Economic Society Ak Gap with the purpose of the upgrading of existing equipment for the production of PET pre-forms and screw caps.

PROJECT OBJECTIVES

The main objective of this investment is to upgrade the equipment which will allow the production of new type and lighter weight pre-forms and screw caps. in addition, the project will allow the borrower to convert its production line to manufacture lighter PET performs and caps.

EBRD FINANCE SUMMARY

USD 2,500,000.00

A senior secured long-term loan of USD 2,500,000 million for financing of the Group's capital expenditure.

TOTAL PROJECT COST

USD 3,500,000.00

Total project costs are USD 3,500,000 of which USD 2,500,000 will be provided by the EBRD and the remaining USD 1,000,000 by the Borrower through internally generated cash.

ENVIRONMENTAL AND SOCIAL SUMMARY

Project Categorised unde C category . The Company is a long standing client of the Bank and performance to date has been satisfactory. An in-depth environmental and social due diligence has been undertaken by the EBRD throughout the past ten years of relationship with the Company, resulting in the drafting of an environmental and social action plan with a particular focus on health and safety issues.

TECHNICAL COOPERATION AND GRANT FINANCING

The Project will have a Technical Cooperation (TC) component provided by SME F&D - EU (Investment Facility for Central Asia IFCA). The TC funds will partially cover the legal due diligence costs.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

AK GAP Hojalyk Jemgyyeti is located in Ashgabat, Turkmenistan and is part of the Manufacturing Sector Industry. AK GAP Hojalyk Jemgyyeti has 1 total employees across all of its locations and generates $144,766 in sales (USD).

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	AK GAP ECONOMIC SOCIETY	Client	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.

Company Contact Information

Orazmammet Annagurbanov
akgap69@gmail.com
+993 12 295 772
Economic Society "Ak Gap" 171 Taze Zaman Ashgabat Turkmenistan