ADB grants first-ever loan for private sector agribusiness in Azerbaijan

The Asian Development Bank (ADB) and Avrora LLC (Avrora) have signed a $5.9 million loan to support the livelihoods of workers, farmers, and retailers and promote secure food supply chains in Azerbaijan during the coronavirus disease (COVID-19) pandemic, Report informs referring to ADB.

The loan, ADB’s first private sector agribusiness assistance in Azerbaijan, will help sustain the company’s operations and benefit nearly 3,000 employees, about 1,500 farmers and farm workers, and 12,000 family-owned rural stores. The financing will also help Avrora to produce and distribute essential wheat and dairy products to more than 2 million people.

“COVID-19 has severely disrupted food supply chains, reducing the incomes of retailers and farmers and compromising the production and distribution of food,” said ADB’s Director General for Private Sector Operations Suzanne Gaboury. “Large food companies like Avrora are central in keeping supplies of food and essential products moving, thereby mitigating the pandemic’s impact on both employment and food security.”

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members - 49 from the region.