Emergency Working Capital Support to Dairy Value Chain Project

The transaction involves a loan of up to $10,000,000 to Pran Dairy Limited (PDL). The project will help PDL sustain its operations during the COVID-19 crisis, by providing financing for working capital and operational expenditure. It will enable PDL to step up the procurement of milk and other raw materials and thereby build enough buffer inventory to cope with supply chain disruptions. The liquidity support will also help finance longer accounts receivable periods and advances to farmers, increases in operating expenses, and the continuation of timely payments to farmers, employees, and agents.