BAKU, Azerbaijan, November 10. The European Bank for Reconstruction and Development (EBRD) has provided a $2 million senior secured loan to H and M Agro LLC to support the expansion of the hydroponic greenhouse in Azerbaijani Salyan city, Trend reports via the bank.
The greenhouse is expected to be expanded from the current 5 hectares to 10 hectares.
According to the EBRD, the project is aimed at the installation of new hydroponic greenhouses, which will lead to higher yield and lower water consumption than conventional greenhouses.
“The DFF [Direct Finance Framework] SME primarily targets the “Competitive” quality by helping SMEs to restructure and become more efficient or professional. Sub-projects can target any of the other transition qualities as a secondary objective. The Project supports framework objectives in the areas of “Competitive” and “Green”.
As the EBRD noted, the total project cost is $3.98 million, the remaining $2 million of the Project costs will be financed by a combination of the Owner's own funds and the Company's cash flow.
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