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EBRD loan supports Albanian retailer Euromax
Local producers to benefit from company’s expansion
Albanian consumers are expected to gain more access to a wide variety of good
quality food products at competitive prices following a €8 million loan by the
EBRD to Euromax Sh.p.k. The loan will shortly be followed by an equity
investment. The combined financing package will help the company strengthen
its financial resources and build five new large supermarkets in Albania’s
main cities.
Gilles Mettetal, EBRD Director for Agribusiness, said the financing will not
only benefit local consumers but also producers by offering reliable market
outlets to farmers and local agri-processing enterprises. Additionally, the
strengthening of the company will support the community through both
employment opportunities and by selling locally produced goods.
After opening the first Euromax hypermarket in 2005 in Qendra Tregtare Univers
near Tirana, the company intends to replicate its success in other Albanian
cities. The company plans to build three supermarkets in Tirana and is
considering the construction of further outlets in Skhodra, Vlora, Korca and
Fieri in 2007, thus creating the first supermarket chain in the country.
Murat Yildiran, Head of the EBRD Office in Albania, said Euromax's expansion
plans were a sign of up and coming Albanian entrepreneurial companies
developing and successfully combining international industry best practice
with local market expertise.
Samir Mane, the owner of Euromax, said the EBRD financing comes at a time when
the company is aiming to become market leader in the Albanian retail sector.
This long term financing is very important support for our expansion plans. To
become a key player in this sector on the local market we will strive to keep
our strong customer service focus and react to market changes, Mr Mane said.
EBRD is the largest single investor in Albania, having committed more than
€314.7 million in 24 projects. In the agribusiness sector the Bank has
invested more than € 4.2 billion in 293 projects across its countries of
operations. EBRD views retail commerce as vital to a successful market economy
and to this end plans to support more retail companies in south-eastern Europe.
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