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ADB, Korzinka Sign Loan to Sustain Food Security and Farmer Livelihoods in Uzbekistan.

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ENPNewswire-December 29, 2021--ADB, Korzinka Sign Loan to Sustain Food Security and Farmer Livelihoods in Uzbekistan

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Release date- 28122021 - ADB's first private sector agribusiness project in Uzbekistan will help Korzinka continue its support for reliable supplies of quality food in the country. Photo courtesy of Korzinka.

The Asian Development Bank (ADB) and Anglesey Food Foreign Enterprise LLC (Korzinka) have signed $12 million in debt financing to promote food security and sustain the livelihoods of more than 5,000 employees and 1,200 farm workers in Uzbekistan.

The financing will help Korzinka build inventory buffers to mitigate supply disruptions caused by the coronavirus disease (COVID-19) pandemic, allow faster payments to suppliers, and fund COVID-19 safety measures by providing masks, sanitization, personal protective equipment, testing, and support for staff quarantine.

'The pandemic disrupted supply chains across the region, making it very difficult to import food staples such as wheat, buckwheat and sunflower oil,' said ADB Private Sector Department Investment Specialist Noor Ullah. 'This is ADB's first private sector agribusiness project in Uzbekistan, and it will help Korzinka continue its support for reliable supplies of quality food in the country.'

Agriculture is the largest sector and employer in Uzbekistan. The closure of market bazaars during the pandemic posed a serious threat to smallholder farmers in rural areas, which account for 80% of Uzbekistan's poor. During the pandemic, Korzinka has increased the number of direct farm suppliers and accelerated payments to support their operations.

'We are very pleased to partner up with the ADB and use this facility to secure a stable supply chain from local farmers to serve our customers throughout Uzbekistan,' Korzinka Chief Executive Officer Zafar Khashimov said. 'Korzinka will continue to expand its network across the country in the coming years and teaming up with ADB will make sure that our supply chain will be sustainable and in line...

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