December 14 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it has approved a long-term senior loan of up to 20 million euro ($21.3 million) to Kosovo retailer Proex to back its expansion plans.
Proex will use the funding to open six new stores, renovate seven existing stores, as well as to built and equip a new modern logistics centre, the EBRD said in a project summary document.
The loan will be provided in two equal tranches.
The transaction is also envisaged to be offered to Enterprise Expansion Fund II Western Balkans (ENEF II) for co-financing of at least 50% of the loan, the EBRD said. ENEF II is an EBRD-advised fund backing SMEs and mid-caps in Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia.
The total cost of the project is 41.1 million euro.
Established in 2011, Proex operates a food and retail chain in Kosovo with 33 Interex branded stores.
($ = 0.9376 euro)