The European Bank for Reconstruction and Development (EBRD) will provide a $10mn loan to Agromir Juice, Uzbekistan’s leading juice manufacturer, the EBRD press office said on November 9.
“This is our first agribusiness project in the country for almost 10 years, exactly the time when we first started working with Agromir,” EBRD first vice president Phil Bennett said. “Our financing will not only improve its efficiency but also enhance its corporate governance standards.”
The financing will help the company “introduce best industry standards and will send a positive signal for private sector investors interested in the country”, the statement said.
The company will spend $5mn on the construction of a modern warehouse with an automated management system, helping reduce losses, achieve better stock management and contribute to savings in production and logistics. The remaining $5mn will be allocated for working capital needs and balance sheet restructuring.
The EBRD invested €894mn in Uzbekistan in 1992-2010 before the bank halted its operations in the Central Asian country. The coming of reform-minded President Shavkat Mirziyoyev to power has allowed EBRD to return.
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