EBRD offers $29.3m loan to Azerbaijan’s pasta producer Avrora

The European Bank for Reconstruction and Development (EBRD) has agreed to provide a loan of $29.3m (€25m) to Azerbaijan’s pasta producer Avrora to enhance the company’s production capacities.

In addition to pasta, Avrora is engaged in the production of confectionery, soft drinks and flour products.

The EBRD’s loan will be offered in Azerbaijani manat in two equal tranches.

The first loan tranche will be used by the company to finance a new pasta production line, while the second line will be used  for purchasing new equipment for the production of biscuits, cakes and animal feed.

EBRD in a statement said: “Supporting local companies in their expansion, through direct financing and targeted long-term advice, and promoting economic diversification are among the EBRD’s priorities in the country.”

Avrova said it will also set up a training programme in order to offer new and existing employees with accredited skills in technical occupations as well as in e-commerce, under new cooperation with the EBRD.

Additionally, Azerbaijan’s food company aims to provide equal opportunities to women and men through its existing activities.

The company said that it also intends to improve working conditions by reviewing human resources policies and practices.

The EBRD’s investment is said to be in line with its new strategic focus on promoting equality of opportunity across its regions.

Till date, the EBRD is said to have invested $3.6bn (€3.1bn) through 174 projects in the country.

In January this year, Turkish flour producer Ulusoy Un has secured a fresh round of financing from the EBRD and Turkiye Sinai Kalkinma Bankasi as flour remains in high demand from pasta makers, bakeries, and households in lockdown.