February 24 (SeeNews) - Kosovo retailer Viva Fresh will finance its expansion with the help of a 10 million euro ($10.8 million) loan provided by the European Bank for Reconstruction and Development (EBRD), the lender said on Monday.
"The funds will finance the roll-out of new stores domestically and in neighbouring North Macedonia, supporting the growth and development of a modern retail market in Kosovo and elsewhere in the Western Balkans region," the EBRD said in a statement.
An agreement between the institution and Viva Fresh was signed on Monday in London during the EBRD’s Western Balkans Investment Summit 2020, attended by Kosovo’s prime minister Albin Kurti.
As part of the transaction, a comprehensive value-creation plan, supported by the Enterprise Expansion Fund (ENEF), was agreed.
"The plan will focus on the implementation of operational and governance improvements, with assistance from industry consultants," the EBRD noted.
ENEF supports small and medium-sized enterprises (SMEs) with high-growth potential in the Western Balkans. It is part of a larger platform for SMEs - the Western Balkans Enterprise Development and Innovation Facility (WB EDIF).
The EBRD has invested over 395 million euro in Kosovo to date, through 65 projects, it said.
Pristina-headquartered Viva Fresh, established in 2003 in the city if Ferisaj, is one of the largest retail chain operators in Kosovo. It has 58 points of sale in 19 cities across Kosovo, covering a total space of 99,649 sq m, measured in net.
($ = 0.9244 euro)