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Spayka LLC, Armenian’s Leading Agribusiness Company
Proparco and the Dutch development bank FMO are providing $10.75 million each to Spayka LLC, the largest exporter of the Armenian fruits and vegetables playing a key role in the country’s agribusiness sector.

The purpose of the funds is the construction and operation of 20 hectares of greenhouses using the best available “semi-closed” technology supplied by a French horticulture equipment specialist Richel for growing high quality tomatoes and bell-peppers. The new greenhouse will allow Spayka to produce up to 8,000 tonnes of tomatoes and 1,000 tonnes of bell-peppers every year.

In cooperation with the Spayka management team, FMO and Proparco developed an Environmental and Social Action Plan, which aims to improve company’s long-term sustainability performance, reduce Spayka’s operational risks and facilitate relationships with smallholder farmers. 

FMO and Proparco will also support the client in strengthening its corporate governance processes. Through a Corporate Governance review and the resulting improvement plan, Spayka will establish a formal board of directors and an audit committee, strengthen its control processes and adopt a business continuity plan.

FMO and Proparco will be supporting Spayka in its ambition of becoming “IPO-ready” to be in strong position to list the company if the opportunity arises in the next years.