EBRD has approved 70 million EUR loan for the development of a retail network by „IDEA“ company, in Serbia

European bank for renovation and development (EBRD) has approved a 70 million EUR loan for the development of a retail network by IDEA company, in Serbia, it was announced by the creditor.

The loan will also be used for financial restructuring of this trade chain.

The total value of the project is estimated to be 120 million UER, and EBRD will give a long term corporative loan in the amount of 70 million EUR, out of which 35 million from the Bank account, and another 35 million from the accounts of the banks participating in this loan.

This project will support the regional investor in Serbia, as well as development of the retail network in Serbia, especially outside of Belgrade, where the impact of modern retail is still not quite intensive.

Also, realization of this project will improve the relation with the local suppliers. Before realization of this project, only one more step is left to be taken – that EBRD and IDEA should sign loan contract, as it was stated on the web site.

IDEA is in the property of a Croation concern „Agrokor“, the leading manufacturer and distributor of food products and one of the leading retailers in Southeastern Europe. EBRD stated that IDEA will be responsible for ecological aspects of this project.