EBRD lends 4.64 mln euro to Montenegrin grocery retailer Voli Trade

“The EBRD is boosting competition in the Montenegrin retail sector with a loan to enable Voli, the country’s leading retailer, to acquire the fifth-largest supermarket chain in Montenegro, Novito,” the EBRD said in a statement.

Voli Trade operates 16 stores in the capital Podgorica and 15 in other towns. It has a market share of some 25%.

The EBRD said its investment will allow Voli Trade to refinance the acquisition of Novito in a move to add another 18 stores in six Montenegrin towns to its chain.

The EBRD previously arranged a 4.2 million euro loan to Voli Trade, enabling the retailer to open two more stores outside Podgorica in 2010. Since then Voli’s market share has doubled.

Since it started operations in Montenegro, the EBRD has invested more than 300 million euro in the country’s economy.

($=0.7550 euro)