ADB allocates loan to Azerbaijani food manufacturer

Finance Materials 19 August 2021 11:18 (UTC +04:00)
ADB allocates loan to Azerbaijani food manufacturer

BAKU, Azerbaijan, Aug.19

By Zeyni Jafarov – Trend:

The Asian Development Bank (ADB) has allocated a $5.9 million loan to Azerbaijan's Avrora LLC to support workers, farmers and retailers and to promote safe chains of food supply to Azerbaijan during the COVID-19 pandemic, Trend reports citing the ADB.

The bank for the first time allocated a loan for Azerbaijan’s private agricultural business. These funds will help support the activities of the LLC and will benefit nearly 3,000 employees, about 1,500 farmers and agricultural workers, as well as 12,000 rural shops. The funding will also help the Azerbaijani company manufacture wheat and dairy products for more than two million people.

“The pandemic has disrupted food supply chains, lowering the incomes of retailers and farmers and jeopardizing food production and distribution. Large food companies like Avrora play an important role in securing food supplies, thereby mitigating the impact of the pandemic on both employment and food security," Suzanne Gaboury ADB's director-general for private sector operations said.

According to Jeyhun Abbasov, general director and owner of Avrora LLC, ADB's support will increase the company's contribution to the Azerbaijani economy by reducing dependence on food imports and integrating local farmers directly into food supply chains.

Along with the provision of working capital for Avrora and strengthening corporate governance, this will help develop human capital, creating more employment opportunities for women.

Avrora is one of the leading distributors of consumer goods and food and beverage manufacturers in Azerbaijan.


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