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Friday, 23 April 2021 08:43 GMT

EBRD supports Azerbaijan's agribusiness sector


(MENAFN - AzerNews) By Ayya Lmahamad

The European Bank for Reconstruction and Development (EBRD) is strengthening Azerbaijan's agribusiness sector by providing a €25 million ($29.4M) loan to the country's food and beverage producer Avrora LLC, the bank has reported.

It should be noted that Avrora LLC is a leading producer of pasta, confectionery, soft drinks and flour products.

The loan will be provided in Azerbaijani manat in two equal tranches. The first tranche will be used to finance a new pasta production line, while the second will be used for the acquisition of new equipment for the production of biscuits, cakes and animal feed.

Moreover, under the cooperation with EBRD, the company will set up a training program to provide new and existing employees with accredited skills in technical occupations and e-commerce.

Furthermore, the statement reads that the company will ensure that its current activities provide equal opportunities to women and men. The company will also review its human resources policies and practices to improve working conditions, making sure that they are equal for women and men.

This project represents the bank's first investment targeted at opening up equal opportunities in Azerbaijan and is also in line with the bank's new strategic focus on promoting equality of opportunity across its regions.

Established in 1991, EBRD invests in projects that contribute to the transition to an open market economy, as well as the development of private and business activities.

The bank is a leading investor in Azerbaijan. The country has been cooperating with EBRD since 1992 to achieve further economic development. One of the main priorities of EBRD in Azerbaijan is to support the local corporate sector with direct financing. EBRD continues to pursue investments in energy projects, especially where there is a gap to improve efficiency and energy security.

Azerbaijan is the largest recipient of the EBRD funds in the Caucasus, as well as one of the largest recipients of this organization's funds in the CIS and Eastern Europe.

To date, the EBRD has invested €3.1 billion ($3.6bn) in Azerbaijan's economy within 174 projects. The EBRD also provides business consulting services to small and medium enterprises, has provided technical support to improve the financial performance and development of more than 1,000 companies.

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