New financing for a leading Macedonian branded food producer
One of the leading Macedonian agribusiness companies, Vitaminka, is expanding its successful production thanks to financing by the European Bank for Reconstruction and Development (EBRD). The Bank is providing a €2 million loan to finance Vitaminka’s new chocolate-flavoured product line and construction of a new warehouse.
Vitaminka is a leading food producer in FYR Macedonia, specialising in chocolate confectionery and crisp snacks. It is one of the strongest Macedonian brands and has ambitions to become an important regional player. The company exports over 45 per cent of its output primarily to Serbia, Croatia, Bosnia and Herzegovina, Slovenia, Kosovo, Australia, the US and other countries.
Miljan Zdrale, Head of Agribusiness for Central and South-Eastern Europe at the EBRD said: “Vitaminka doesn’t rest on its laurels – it keeps expanding, investing in new production lines and exploring new geographies for exports. We are pleased to see Vitaminka succeed and are proud to be part of its success story. Helping to boost the competitiveness of companies such as Vitaminka is at the heart of the EBRD’s business model. Providing a new loan to this successful company is almost as tempting as tasting its delicious chocolate.”
Anca Ioana Ionescu, Head of the EBRD’s office in Skopje, added: “The signing of the new loan is a testimony to the EBRD’s support for the Macedonian real economy and an expression of trust in the potential of Macedonian companies.”
Sasho Naumoski, General Manager of Vitaminka, said: “Vitaminka’s success stems from 60 years of tradition, continuous modernisation, product innovation as well as reasonable pricing policy. Part of our growth relies on investing in new equipment. This results in improvement of product quality. It is crucial to keep up with the rapidly changing world and this new investment backed by the EBRD is a step towards achieving this goal.”
To date, the EBRD has provided €9.5 million of loans to finance Vitaminka’s investment programme, which included acquisition of new energy efficient production lines, packaging equipment and modernisation of its production facilities.
The Bank will also consider providing a further €4 million loan to finance new chocolate and soft biscuit lines.
Since the beginning of its operations in FYR Macedonia in 1993 the EBRD has invested €1.65 billion in more than 100 projects in the country.
The EBRD’s strategic priorities for the period 2016-18 for its countries of operations are: re-energising growth, strengthening regional integration and addressing global challenges.