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Oct 19, 2009 14:52 EEST
PODGORICA (Montenegro), October 19 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Monday it will lend 4.2 million euro ($6.3 million) to Voli Trade, owner of Montenegro’s leading grocery retailer Voli, to expand the supermarket network.
“The EBRD is boosting competition in the Montenegrin retail sector with a loan to expand the supermarket network of one of the leading retailers in the country,” the EBRD said in a statement on its website.
“Despite the presence of several major players, the retail segment in Montenegro remains fragmented. With a market share of more than 10 per cent, Voli Trade is the leading grocery retailer and one of the best recognised brands in the country.
“With the support of the EBRD loan Voli Trade will open two more stores outside Podgorica in 2010, strengthening further its market position,” the statement said. Voli operates 12 stores in the capital Podgorica and is also present in four other towns.
The loan to Voli Trade is arranged under the EBRD–Italy Local Enterprise Facility, established to support economies in Albania, Bosnia, Croatia, Macedonia, Montenegro, Turkey and Serbia through the provision of financing to small and medium-sized local enterprises.
EBRD has lent about 60 million euro in support of 14 projects in the Adratic country of Montenegro.
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