Victoria Group



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

10 Feb 2009



PSD disclosed:

19 Dec 2008

Project Description

The EBRD is considering making an equity investment in the amount of EUR40 million in Victoria Group, one of the largest private agribusiness groups in Serbia. Proceeds of the Bank’s subscription would be used for:

(1) EUR 19.7 million for financing of the working capital needs.
(2) EUR 20.0 million for balance sheet restructuring through refinancing of Financial Debt.
(3) EUR 0.3 million funding of a consultancy assignment on the Group’s financial reporting and corporate governance improvements.

Transition Impact

This project is expected to have a significant transition impact, which is likely to derive from:

  • Strengthening of Corporate Governance
    The project will strengthen the corporate governance at the Group improving existing and introducing new structures and controlling bodies such as Supervisory Board. The project will also support improvement in internal controls, improvement of information systems and management reporting procedures.
  • Market Expansion through balance sheet restructuring
    Balance sheet restructuring should allow further investments in higher value added products for human consumption like i.e. textures, soy meat, etc. which have application in wider food industry. This will enable Serbian food producers to provide more good-quality health food products to Serbian consumers that were not present on the domestic market before. Market expansion will also result from the development of agricultural infrastructure. Victoria Group operates a number of silos for the Group companies, and plans development of new storage facilities for grains and oilseeds. The facilities will be constructed and maintained in accordance with best industry practice and EU standards.
  • Seed procurement and support of WHR introduction in Serbia
    The project supports strengthening the supply chain management and relationship with the farmers by providing stability to the Group enabling it to continue improving soybean and sunflower production efficiency through pre-financing and training of farmers. In addition, the project is a part of the Bank’s larger initiative and policy dialogue with the Serbian authorities on the introduction of a Warehouse Receipts Programme which will enable individual farmers to have access to working capital lines from commercial banks.


The Client

Victoria Group d.o.o., is a limited liability company incorporated in Serbia. The Group operates the largest crushing seed capacity in South-East Europe and is one of the largest private agribusiness groups in Serbia managing operations in edible oil production, fertilizer production, veterinary and animal feed production, laboratory services and grain logistics.

EBRD Finance

Equity investment in the amount of EUR 40 million.

Project Cost

EUR 115 million.

Environmental Impact

The project was screened C/1 (under the EBRD’s 2003 Environmental Policy). The Bank's environmental due diligence consisted of an independent environmental, health, safety and social audit of the Group's companies which confirmed that overall, the facilities are in compliance with national legislation. Based on the EHSS due diligence an Environmental and Social Action Plan (ESAP) was developed. The ESAP will bring the facilities into line with Serbian and EU standards for environment, health and safety within an agreed timeframe. The Company will be required to comply with national and EU environmental, health, safety and labour standards and requirements, as well as provide the Bank with an annual environmental report, including updates on the ESAP. No further issues to raise.

Technical Cooperation


Company Contact

Mr Zoran Mitrovic - President of VG
Mr Goran Blagojevic - Financial Advisor

Tel: + 381 11 35 32 600


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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