BAKU, Azerbaijan, December 9. The European Bank for Reconstruction and Development (EBRD) allocated a loan worth $2 million to "H and M Agro", Trend report via the EBRD.
According to the bank, the funds will be used to create a hydroponic greenhouse.
"At the expense of these funds, "H and M Agro" will establish efficient and environmentally friendly greenhouses in Salyan. The project is being implemented in order to achieve higher productivity as well as to protect the environment through the efficient use of natural resources," said the bank.
"In addition, it will increase the competitiveness of the company and allow it to diversify its customer base at an international level," added EBRD.
Moreover, the EU, as part of its EU4Climate initiative, will supplement this loan with uncompensated support in the amount of up to 13 percent of eligible costs through the Finance and Technology Transfer Center for Climate Change of the EBRD.
Regional Director for the Caucasus, Catarina Bjorlin, stated that the bank intends to support the activity expansion of "H and M Agro".
"These investments will help the company achieve higher productivity, meet growing demand, and increase its competitiveness in international markets," she said.
