July 9 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) has approved the lending of $10 million (8.9 million euro) to finance Luxembourg-based agro-industrial company Sodrugestvo's working capital needs in Serbia and Ukraine, it said.
"The loan will be utilised to finance working capital needs of the group for the origination of commodities from Serbia and Ukraine," the EBRD said in a notice on Monday.
You can download the 2023 Agriculture industry in Southeast Europe report here
The transition impact of the project stems from supporting the expansion of the Sodrugestvo Group's footprint and expanding its suppliers' base in Ukraine and Serbia, the bank said.
The project will also support improved competitiveness stemming from improved business standards, efficiency gains and greater profitability.
In Serbia, Sodrugestvo operates through Novi Sad-based wholly-owned subsidiary Sodrugestvo Balkans which is active in the wholesale of wheat, according to data published by the Serbian Chamber of Commerce.
($ = 0.893028 euro)