Tashkent, Uzbekistan (UzDaily.com) — The European Bank for Reconstruction and Development (EBRD) is supporting the development of local production of environmentally friendly construction materials in Uzbekistan by extending financing to the Angren Group — the country’s leading producer of non-woven fiberglass and glass wool.

As part of the agreement, Angren Group will receive a loan of up to US$6 million (equivalent to €5.2 million) to finance the acquisition of modern equipment for fiberglass mat coloring, replenish working capital, and strengthen the company’s financial position through balance sheet restructuring.

Currently, Angren Group is Uzbekistan’s only domestic producer of non-woven fiberglass, serving a market that remains largely dependent on imports. Fiberglass materials are widely used in construction, including in the production of drywall, and in both exterior and interior finishing.

Given that the construction sector accounted for approximately 7% of Uzbekistan’s GDP in 2024, with further growth projected, demand for high-quality building materials is expected to rise steadily. Local production of colored fiberglass mat will improve accessibility, foster market competition, and reduce reliance on imported goods.

In addition to financial support, the project includes a corporate governance improvement action plan aligned with international best practices. The initiative also benefits from technical assistance provided through the Japan-EBRD Cooperation Fund.

To date, the EBRD has invested nearly €5.6 billion in Uzbekistan across 181 projects, with a strong focus on supporting the private sector. Over the past five years, Uzbekistan has emerged as the EBRD’s largest investment recipient in Central Asia.