MANILA (XINHUA) – The Asian Development Bank (ADB) yesterday said it has signed a USD100-million loan agreement with ECOM Agroindustrial Corporation Limited and ECOM Agroindustrial Asia Private Limited to enhance the climate resilience of the coffee value chain in Asia-Pacific.
The ADB said the agreement with ECOM, a global integrated supply chain merchant and processor of agricultural commodities, will benefit more than 62,000 smallholder farmers in India, Indonesia, Papua New Guinea and Vietnam. The financing will contribute to ECOM’s working capital requirements, including inventories, receivables, and advances to smallholder farmers for coffee procurement.
And it will support operating expenses for extension services such as training, certification support, research and development and sustainability pilot projects.
“Safeguarding coffee farmer livelihoods and resilience in the face of climate change is crucial for maintaining the stability of one of the world’s most significant agricultural supply chains,” said ADB Director General for Private Sector Operations Suzanne Gaboury.
