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$800,000 credit supports expansion of local cashmere producer
11
Jul '09
The EBRD is enhancing the competitiveness of the Mongolian cashmere sector with an $800,000 loan to Ezio Foradori, a locally-owned niche cashmere production company in the capital Ulaanbaatar.

Ezio Fordaori produces high quality cashmere jumpers, skirts, scarves and other fashion garments, which are supplied to luxury brands abroad. 98% per cent of company's production is exported to Europe, America and Japan.

The EBRD funds will finance Ezio Foradori's investments to expand production and modernise its manufacturing plant. The proceeds of the loan will be used to purchase spinning and dying equipment and additional knitting machines.

Cashmere sector is one of the key industries in Mongolia, which is the largest cashmere supplier in the world, accounting for 30% of the global production. Due to specific climate conditions Mongolian cashmere is considered to have special features in terms of fineness, lightness, warmth and softness, which provides the country with a unique and relatively scarce quality raw material base.

The Bank's support will help Ezio Foradori to increase production volumes, diversify its product range and improve the quality of produced garments. This will enable the company to further build up its capacity and to pursue its strategy to enter the high value Western markets under its own brand name.

“The EBRD is pleased to support Ezio Foradori, a successful cashmere producer, in its drive to improve its business operations by capitalising on the uniqueness of Mongolian cashmere. With the Bank's support, Ezio Foradori will be able to introduce new products, benefiting international clients through bigger choice and higher quality clothes and accessories, which will enable the Mongolian cashmere producers differentiate its brand in the world arena by developing skill set and design capabilities of local staff,” said Olivier Descamps, EBRD Business Group Director, during a signing ceremony.

“We are happy that the EBRD chose to support our small company and our unique operations, and are confident that this collaboration will help Ezio Foradori become even a more successful company”, stated Erdene Enkhsaikhan, General Director of Ezio Foradori.

The EBRD loan is provided through the Bank's Early Transition Countries Initiative of which Mongolia is a member.

Since the beginning of its operations in Mongolia in 2006, the EBRD has committed more than €110 million to the local economy.

European Bank for Reconstruction and Development

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