The project consists of equity financing for Baltic Food Holding AS, Norway and debt financing for Baltic Food Holding Eesti OY, Estonia.
The financing will be used for the expansion of the company’s supermarket operation and associated wholesale and distribution activities in Estonia, Latvia and Lithuania.
The project is expected to have a significant impact on the transition, which is likely to derive from:
- market expansion through linkages to local suppliers and distributors as a result of the increased share of locally supplied goods. This will lead to improved efficiencies in food distribution, as price savings will be passed on to the consumers who are currently forced to pay for inefficient middlemen in the system.
- increased competition in food retailing and wholesaling, leading to a better service for customers. As a large operator, Baltic Food Holding will enforce product quality and logistics standards (such as bar coding) from local producers and importers.
Baltic Food Holding Eesti OY, an Estonian limited liability company, is one of the largest pan-Baltic operators of supermarkets and food wholesale and 100 per cent owned by Baltic Food Holding AS in Norway.
EBRD financing consists of a €5.5 million equity investment in Baltic Food Holding AS, Norway and a loan of €6.6 million to Baltic Food Holding Eesti OY, Estonia.
The operation was screened B/0, requiring an environmental analysis of the company’s environmental policies and practices. The analysis confirmed that all the facilities currently comply with national requirements for environment, health and safety. The company is involved in a number of environmentally proactive initiatives, including energy efficient design of heating systems in warehouses and food halls, collection of packaging materials for re-use and the collection of bottles for return to breweries for re-use. The company will be required to undertake operation of its retail facilities in compliance with relevant national, EU and/or World Bank environmental standards.
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