The European Bank for Reconstruction and Development (EBRD) is supporting Uzbekistan’s drive toward self-sufficiency in construction materials by extending a loan of up to $6mn (€5.2mn) to Angren Group, the country’s sole producer of non-woven glass fibre sheets.
The financing will help Angren Group purchase new colouring equipment, provide working capital for its glass veil manufacturing plant, and support a broader effort to restructure the company’s balance sheet. Glass veil, a non-woven glass fibre material, is commonly used in producing drywall and building facades.
Currently, Uzbekistan remains heavily reliant on imported glass fibre sheets. The EBRD’s investment will allow Angren Group to expand local production of coloured glass veil, improving the availability of high-quality, eco-friendly materials and reducing dependence on foreign suppliers.
The construction sector contributed nearly 7% to Uzbekistan’s GDP in 2024 and is projected to continue growing, creating increased demand for domestic building materials. Angren Group’s expansion aligns with national priorities to enhance local manufacturing and boost import substitution.
In addition to financial support, the project includes a corporate governance action plan to strengthen Angren Group’s operational practices. Technical cooperation for the initiative is funded by the Japan-EBRD Cooperation Fund.
To date, the EBRD has invested nearly €5.6bn in Uzbekistan across 181 projects, with a strong emphasis on private sector development. For the past five years, Uzbekistan has been the leading recipient of EBRD funding in Central Asia.
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