BAKU, Azerbaijan, March .17
Trend:
The European Bank for Reconstruction and Development (EBRD) has approved a loan for 25 million euros to the Azerbaijani Avrora company, Trend reports citing the EBRD.
The loan is divided into two tranches of 12.5 million euros each, the report said.
“The first will finance a new pasta production facility by refinancing short-term interim loans currently available under construction. The second tranche will be used to finance business lines for the production of biscuits, cakes and other products, in particular, for the purchase of new equipment,” said the EBRD report.
The loan will be allocated in Azerbaijani manats, the report said.
“The project is in line with the key priorities of the EBRD Strategy for Azerbaijan. The bank will support the expansion of local companies through direct financing and targeted long-term consulting while promoting economic diversification,” the bank noted.
Avrora is one of the leading distributors of consumer goods and a manufacturer of food and drinks in Azerbaijan.
The EBRD has been cooperating with Azerbaijan since 1992 and is the leading investor in the country. Investments are directed to energy, infrastructure, banks, industry and commerce.