ADB signs second loan with PRAN for inclusive agribusiness in Bangladesh

The Asian Development Bank (ADB) signed a $14.2 million loan to support the expansion plans of Sylvan Agriculture Limited (SAL), a PRAN-RFL Group (PRAN) company, to enhance inclusiveness in the agribusiness sector by lifting the incomes and skills of farmers—particularly women. PRAN is one of the largest food and agribusiness companies in Bangladesh.

ADB’s assistance will finance new food processing facilities to produce potato chips, potato flakes, and pasta. Under a gender action plan, women will comprise at least half of the 450 people directly employed in the new facilities. Gender wage gaps will be reduced, women’s facilities introduced, and greater technological assistance provided to women farmers.

“Agriculture plays a key role in Bangladesh’s economy and development, providing nearly half of all employment in the country and supporting over 70% of the total population,” said ADB Investment Specialist for Private Sector Operations Ms. Tushna Dora. “ADB’s second loan to SAL will further improve the agribusiness sector in Bangladesh through increased private sector investment. It will enhance the livelihoods of thousands of local farmers, with a focus on empowering women to gain new skills that can be used to earn better incomes.”

The project is ADB’s first repeat assistance to a private sector borrower in agribusiness. In 2012, ADB approved a $25.1 million loan to SAL for the construction of processing facilities, including for liquid glucose and starch made from cassava sourced from contract farmers.

Original source: ADB
Published on 19 March 2019