Sri Lankan shrimp farmer Taprobane Seafoods secured a $15 million (€13.8 million) loan from Dutch entrepreneurial development bank FMO.
Tabrobane, the largest seafood company in the country, will use the funding to rehabilitate abandoned farms owned by the company and by third-party growers, invest in new farms, circular tanks, hatcheries, and a new processing facility.
Established in 2010, the company has one main processing facility and 14 mini-processing facilities, employs over 2,000 full-time employees, predominantly underprivileged women, throughout the northern and northwestern provinces of Sri Lanka.
The shrimp processed by Taprobane are supplied by its own farms and third-party growers.
In addition to financial support, FMO provided technical assistance to help the company gain Aquaculture Stewardship Council (ASC) certification.
"As a company, we are delighted to finally get this over the line," Taprobane CEO Tim O'Reilly told IntraFish Thursday. "It's not just about the financing, but this complements our overall strategy."
A spokesperson with FMO said the group made the investment because Taprobane "has the advantage to leapfrog with the latest technology and best aquaculture practices in the sector."
The funding was financed with support of the Dutch government through agribusiness fund Building Prospects, and the Dutch Fund for Climate and Development.
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