Belarus’s leading food retailer Eurotorg has received a 20 million euros loan from the European Bank for Reconstruction and Development (EBRD). The retailer will use the funds to optimise its debt portfolio and strengthen its position in domestic market.
Eurotorg (which unites over 600 shops of Euroopt and Brusnichka) is the largest food retailer in Belarus, whose share in the retail food market at the beginning of 2018 was around 19 per cent.
“We are pleased to support Eurotorg, the largest food retailer in Belarus and our long-standing partner. We hope that the financing will help the company in further development for the benefit of millions of customers across the country,” said Alexander Pivovarsky, the head of the EBRD office in Belarus.
In addition to the signed loan agreement, it was also agreed that Eurotorg together with the EBRD will work on a detailed plan to improve the corporate governance of the company.
At the end of 2012, the EBRD loaned 10 million euros to Eurotorg to finance investment projects.