November 17 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it has approved a senior loan of up to 2.6 million euro ($2.9 million) to North Macedonia's distributor of pharmaceutical and chemical products Varus for capacity expansion.
Varus will use the loan to finance the construction of a new logistics centre, an upgrade of its existing production facility and introduction of a new enterprise resource planning (ERP) system, the EBRD said in a project summary description on Tuesday.
The loan will be disbursed in two tranches.
Set up in 1990, Varus is an exclusive distributor of Merck's pharmaceutical and chemical products for North Macedonia and Kosovo.
($ = 0.8835 euro)