The European Bank for Reconstruction and Development (EBRD) has provided a $14m loan to Star Group to develop the local market of fast moving consumer goods in Uzbekistan.

According to the bank, distributor Star Group also owns multi-brand beauty and personal care stores in Tashkent.

The loan will help Star Group finance its growing working capital needs, expand its regional operations and build an energy-efficient Class A warehouse. The funds will also be used to purchase new electric vehicles for the truck fleet.

The project is supported by an $82k grant from the Global Environment Facility’s Finance and Technology Transfer Center for Climate Change (FINTECC) program. The warehouse will seek EDGE certification for its efficient use of water and materials.

As part of the project, Star Group has committed to promoting inclusiveness in the workplace by increasing the proportion of female employees to a minimum of 45 percent.

Technical assistance for the project is provided by the Japan-Europe Cooperation Fund.

In 2023, Uzbekistan became the leading recipient of EBRD financing in Central Asia for the fourth consecutive year. To date, the bank has invested some €4.5 billion in 155 projects across the country, with the majority of these funds supporting private enterprise.