BAKU, Azerbaijan, Apr. 26
By Zeyni Jafarov - Trend:
The Asian Development Bank (ADB) plans to provide a loan to Avrora LLC, which is the third-largest producer and distributor of food and beverages in Azerbaijan, Trend reports citing the ADB.
“The amount of the loan is envisaged at the level of $5.9 million. The proceeds from the loan will finance Avrora's working capital, which is required for the production and distribution of food products such as wheat flour, pasta, dairy products, and biscuits. The funds will also be used to cover additional operating costs due to the COVID-19 pandemic,” the ADB said.
The bank's message noted that the planned project is aimed at implementing the strategic direction of the bank's cooperation with Azerbaijan, which is to promote the development of the private sector and investments to support the competitiveness of non-oil goods and services.
Earlier, the European Bank for Reconstruction and Development approved the allocation of a loan worth 25 million euros to Avrora LLC, which is divided into two tranches of 12.5 million euros each.