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EBRD funds retail outlets in Russian Far East
Six-year loan to Russia’s V-Laser group for regional expansion
The European Bank for Reconstruction and Development, pursuing its strategy of
funding local firms in Russia’s regions, is lending €7.5 million for expanding
the business of V-Laser LLC, a Vladivostok-based company that is one of
leading suppliers of consumer electronics and white goods in the Russian Far
East.
The six-year loan will be used to build four modern retail outlets mainly
catering to low to middle income families in the Russian Far East -- with a
special emphasis on the Khabarovsk Region. The project is expected to help
stimulate competition in the sector as well as set new industry standards by
introducing best international practises to this regional market.
Additional knock-on effects are due to include improving distribution networks
in a remote region of Russia and promoting international trade links.
V-Laser's commitment to good corporate governance practices sets a welcome
example and makes it just the kind of medium-sized enterprise that the Bank
should be helping to grow in Russia, the EBRD’s acting First Vice President
Steven Kaempfer said at a loan signing in London today.
"We started V-Laser 12 years ago as a very small business in a highly
uncertain market place, but our determination and team work made V-Laser a
regional leader in assembling, shipping and the wholesale and retail sales of
white goods and consumer electronics", said Boris Postovalov, V-Laser's main
owner.
V-Laser was established in 1993 as a family-owned business. Today V-Laser
employs over 2,500 people and assembles goods for leading Asian manufacturers
under license as well as producing under its own brand.
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