BAKU, Azerbaijan, October 30. The European Bank
for Reconstruction and Development (EBRD) will provide up to $20
million in financing to Uzbekistan’s Star Group to support its
business expansion, strengthen working capital and expand its
consumer goods distribution and retail operations.
The financing will be extended to four Star Group entities:
Support Samarqand, Bloomshop, Star Distribution and Star FMCG,
according to the EBRD.
The loan will support the group’s working capital requirements
and expansion plans, including the development of its beauty retail
chain operating in Tashkent and Samarkand. The company plans to use
the funds to increase its regional presence and broaden its product
range.
Additionally, the project will include grant funding from the
EBRD and the Japan-EBRD Cooperation Fund to help Star Group develop
and implement a corporate governance action plan.
In addition, the EBRD will support initiatives to promote
women's career development and employee retention through the
establishment of a mentorship program for female staff.
Star Group is a Uzbekistan-based distributor of fast-moving
consumer goods (FMCG), operating across several business segments,
including distribution and retail. Its portfolio includes beauty
retail operations through Bloomshop.
The EBRD has invested nearly $7.3 billion in Uzbekistan through
219 projects to date, with most of its financing directed toward
supporting private-sector businesses and entrepreneurship.
