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Tuesday, July 23, 2024

Azerbaijan: EBRD supports food and drink manufacturer Avrora with €25 million loan

The European Bank for Reconstruction and Development (EBRD) is strengthening Azerbaijan’s agribusiness sector with a €25 million loan to Avrora LLC, a leading producer of pasta, confectionery, soft drinks and flour products.

The loan will be provided in Azerbaijani manat in two equal tranches. The first tranche will be used to finance a new pasta production line. The second will be used for the acquisition of new equipment for the production of biscuits, cakes and animal feed.

Under the cooperation with the EBRD, Avrova will set up a training programme to provide new and existing employees with accredited skills in technical occupations as well as in e-commerce. In addition, the company will ensure that its current activities provide equal opportunities to women and men. Avrora will also review its human resources policies and practices to improve working conditions, making sure that they are equal for women and men.

The EBRD is a leading institutional investor in Azerbaijan. To date, the Bank has invested €3.1 billion through 174 projects in the country and helped more than 1,000 firms.

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