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BELGRADE (Serbia), December 7 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) is providing a 7.25 million euro ($7.8 million) loan to support the expansion of Serbia's Farmina Pet Foods, the bank said on Wednesday.
The loan will be complemented by a loan of the same amount provided by Societe Generale Bank Serbia, EBRD said in a statement.
Farmina Pet Foods plans to invest a total of 14.5 million euro into an expansion programme, which will include the launch of a new product line sourcing raw materials from local farmers. Plans include an increased production of dry pet food as well as the introduction of a wet food production plant, the EBRD said.
"By supporting this investment the EBRD promotes foreign direct investment in Serbia’s agribusiness sector and local producers, as well increases strengthening of the private sector’s competitiveness,” EBRD Agribusiness Head for South-Eastern Europe, Miljan Zdrale, said in the statement.
Farmina Pet Foods, part of Italy-based Farmina Group, was established in 2006 in Serbia and started with dry pet food production in 2010. Now it produces pet foods not only for Serbia and other regional markets but also exports outside the region. The company focuses on premium quality products and seeks to enhance presence on the existing markets and expand to new ones.
“This new cooperation with the EBRD is very important for our company. We’re pleased to have such a strong partner and take it as a confirmation for the strength of our company. We see our partnerships with the EBRD as a milestone for the expansion of our operations”, group chief financial officer Gabriele Vecchi added.
Since the start of its operations in Serbia, the EBRD has invested around 4.4 billion euro in over 200 projects across the country. The bank invests in many sectors of the economy to support private sector development and regional integration.
($ = 0.932179 euro)