Bangladesh: Sylvan Agriculture Limited PRAN Agribusiness Project
The project was developed to support the PRAN-RFL Group (PRAN) to expand its agribusiness and food processing operations into new businesses of starch, liquid glucose, packaged flour, and frozen foods through a new PRAN group company, Sylvan Agriculture Limited (SAL). The project’s intended impacts were to help sustain high agricultural growth by connecting farmers to markets for processed food locally and abroad, boost exports of agricultural and processed food products, and strengthen national food security by improving nutrition with affordable, high-quality foods. SAL would procure maize, cassava, and wheat grown by smallholder farmers through contract farming arrangements which could help to reduce rural poverty. SAL’s factories would create jobs for men and women. The project scope was subsequently reduced to starch and liquid glucose, while the objectives were unchanged. The project was ADB’s first nonsovereign agribusiness project since 1985.
The project was evaluated in accordance with ADB’s Guidelines for the Preparation of Project Performance Evaluation Reports on Nonsovereign Operations. The overall rating considered four components: (i) development results, (ii) ADB investment profitability, (iii) ADB work quality, and (iv) ADB additionality. Overall, the project was successful.