PODGORICA (Montenegro), October 3 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) is providing a 10 million euro ($11 million) loan to back the expansion of Montenegrin supermarket chain Voli, the bank has said.
The funds will finance the opening of four new Voli stores located in underserved regions outside major urban areas, including a supermarket and a convenience store, and the refurbishment and expansion of five existing stores, the EBRD said in a statement earlier this week.
The EBRD funds will also support training of at least 750 students in sales and customer service functions, supporting young people’s access to skills and employment and providing new economic opportunities for the younger generations in Montenegro, the bank said.
"This builds on our very successful cooperation with Voli in the past. By further supporting the company we are helping to develop agribusiness value chains as well as strengthening the private sector to become even more resilient and innovative – some of the key challenges in Montenegro," Jaap Sprey, head of the EBRD in Montenegro, said.
With a market share of about 30% and 66 food retail stores across the country, Voli is the leading grocery retailer and one of the most recognised brands in Montenegro.
($ = 0.9123 euro)