Plans to rebuild Tajikistan’s cotton industry have taken a step forward after a new US $30m modern spinning mill, funded by the Eurasian Development Bank (EDB), opened in the suburbs of Khujand. It is the EDB’s first investment project in this country.
In 2009 the bank provided a loan to build a modern spinning factory in Tajikistan capable of producing 5,000 tonnes of high-quality cotton yarn annually. This project was implemented by Olim-Textile; the total project cost was US$29.8m with the bank’s commitment of US$22.6m. Kambar Shalgimbayev, deputy chairman of the EDB Executive Board, said: “The project has a significant positive effect on Tajikistan’s economic growth by supporting agriculture and the textile industry and increasing employment and production output in related industries.”