December 22 (SeeNews) - The European Bank for Reconstruction and Development said it is providing a 2 million euro ($2.1 million) loan to Smart Organic, a Bulgarian producer and distributor of organic products.
The EBRD is financing part of the firm’s 3.3 million euro expansion programme.
"To meet the growing demand in international markets, the company is consolidating production and packaging operations, as well as storage, in one location," the EBRD said in a statement.
"With its energy-boosting, healthy snacks powering people in over 40 countries, Smart Organic has seen exceptional growth this year and is keen to expand further. Now that the company seeks to boost itself to meet growing demand, the EBRD is delighted to lend a hand," Larisa Manastirli, EBRD director for Bulgaria, said in the statement.
Smart Organic focuses on the distribution of organic foods and the production of energy-boosting snacks such as protein bars. It exports almost 70% of its production. Roobar is Smart Organic’s most successful brand, selling in over 40 countries and across five continents.
"Now we are confident that we can meet the growing demand we face. The quality of our products is another area that will see further improvement due to this investment," Yani Dragov, executive director of Smart Organic said.
($= 0.9581 euro)