Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

22 Mar 2005



PSD disclosed:

25 Jan 2005

Project Description

The proposed financing will strengthen Belvedere’s operations in Bulgaria and support it in the process of becoming one of the biggest local players in the wine sector and increasing its export sales. Proceeds will be used mainly for the reconstruction of the existing wineries and for acquisition of vineyards.

Transition Impact

The transition impact from the project will result mainly in increased competition in the overall wine production chain leading to grape quality improvements.

(i) Belvedere will invest in vineyards to be able to provide approximately 30% of its raw material needs.

(ii) The projected production growth implies that, despite the presence of own vineyards, the quantity of grapes purchased from the local economy will continue to grow as the production expands and the company will be contributing to quality improvements among its grape suppliers.

(iii) Establishing of own vineyards, as well as the pre-financing programs, will allow Belvedere to set and maintain higher quality standards for grape production, a problem which has plagued virtually all of the Bulgarian winemakers over the last few years, thus affecting the image of Bulgarian wine in international markets.

The Client

Belvedere Capital Management Ltd. is a Bulgarian holding company established to consolidate the wine activities of Belvedere S.A., France in the country which is 100% owned by Belvedere S.A.

EBRD Finance

The total financing package is for up to € 9 million and would be consisting of:

(i) EUR 7 million long-term secured debt

(ii) up to EUR 2 million equity.

Project Cost

Up to EUR 30 million.

Environmental Impact

In accordance with the EBRD's Environmental Policy and Procedures the Bank has categorised this project as B/1 requiring an environmental audit of the Company's current facilities and production processes and an environmental analysis of potential impacts associated with the proposed reconstruction of the wineries and the acquisition of vineyards. Based on the recommendations made by the environmental audit, an Environmental Action Plan has been adopted by the Company.

Technical Cooperation


Company Contact

Mr Nikolay Dalakov, General Manager

Tel: +359 2 976 9450


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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