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December 12 (SeeNews) - Vitalia, a leading branded health food producer in Macedonia, will use one million euro ($1.5 million) equity investment from the European Bank for Reconstruction and Development (EBRD) to expand it product portfolio and grow further in southeastern Europe, the bank said on Wednesday.
The EBRD is providing the equity finance under the recently established EBRD-Italy Western Balkans Local Enterprise Facility (WB LEF) which provides individual investments in the range of one to four million euro, the EBRD said in a statement.
“Vitalia would use the EBRD finance to continue strengthening its market position through premium branded products that will help company also enter new regional markets. This finance will act as an important signal that other private, export-oriented companies in Macedonia can attract adequate long-term financing,” Claudio Viezzoli, EBRD Director for the Western Balkans, said in the statement.
“EBRD support will assist Vitalia not only by enhancing its production capacity but also developing a wide range of new products to meet increasing demand," Vitalia CEO Nikola Vetadzokoski said without elaborating.
WB LEF is an investment facility established by the EBRD with financial contributions and support from the Italian government. WB LEF is contributing to the economic recovery of Albania, Bosnia, Macedonia, Serbia, Montenegro and the U.N. run Serbian province of Kosovo through the provision of mainly equity and quasi-equity financing to small and medium-sized local enterprises.
The EBRD is one of the largest investors in Macedonia, having invested more than 412 million euro in 36 projects. The Bank has mobilised another 525 million euro through other, mainly private, sources.
Vitalia Nikola Ltd (www.vitalia.com.mk) is privately held health food production and trading company, located in Macedonia’s capital Skopje. The company operates since 1993 and exports its production to the EU, the U.S. and Canada.
($ = 0.6814 euro)
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