BELGRADE (Serbia), June 22 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) is considering the provision of a 34 million euro ($40 million) loan to the Serbian unit of UAE-based agribusiness company Al Dahra, it said.
Proceeds from the loan will enable Al Dahra Serbia to finance a 119 million euro investment in crop farming improvements, a new alfalfa factory, an animal feed factory and modernisation of its dairy farms operations, the EBRD said in a project summary document last week.
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The investments aim at enhancing and optimising Al Dahra Serbia's crop farming operations including through significantly enlarging the irrigated area, and modernising its dairy operations with the aim of improving the quality of milk and the milk yield through the replacement of the old dairy farms withstate-of-the-art new ones, the EBRD said.
The approval date for the loan was set for July 21, according to the document.
Al Dahra Serbia is a vertically integrated agribusiness company involved in primary agriculture activities, livestock and dairy farming.
In 2019, Serbia signed a contract for the sale of agricultural company Poljoprivredna Korporacija Beograd (PKB) to Al Dahra. The UAE-based company won the tender for acquisition of PKB held in September with a 105.05 million euro cash offer for the assets of the company.
($ = 0.8405 euro)