ADB Supports Kyrgyzstan's Agribusinesses Through Grants And Loans
Date
12/10/2023 2:19:11 AM
(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, December 10. The Asian
Development bank (ADB) has allocated $20 million as a loan and $20
million as a grant to Kyrgyzstan, Trend reports.
These funds are intended to benefit small and medium-sized agro
enterprises in the country. The primary objective is to improve
post-harvest crop handling.
The Aiyl Bank, a significant supporter of Kyrgyzstan's
agricultural sector, stands as the initial participant in this
initiative. It will receive funding to provide loans to other
financial institutions, enabling them to extend financial support
to agricultural businesses.
Yevgeniy Zhukov, the ADB's Director General for Central and West
Asia, highlighted that this project aims to assist farmers in
navigating market fluctuations, natural hazards, and the impacts of
climate change. One of its goal is to elevate both household and
national food security.
"By equipping them (farmers) with climate-smart agricultural
technologies and strengthening value chains, farmers and all
stakeholders along the value chains will be able to minimize
resource cost and increase profitability." Zhukov said.
Additionally, the project seeks to facilitate collaborations
between farmers and processors and exporters through contract
farming, empower female entrepreneurs through training, and
implement strategies promoting the cross-border trade and
distinctive branding of Kyrgyzstan's products.
These measures aim to increase the profitability of fruit and
vegetable producers and agribusiness enterprises, as well as to
strengthen market connections to enhance national food
security.
Since joining the ADB in 1994, Kyrgyzstan has received 208
public sector loans, grants, and technical assistance from the
bank, amounting to a total of $2.5 billion.
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