The proposed project aims to support the Company's cross-border expansion and product development including marketing, brand and packaging improvements.
The Company's strategy is to remain the leading producer of branded packaged coffee in Serbia and Montenegro. The Company aims to achieve its strategic objectives through: continued investment in the brand, further development of attractive packaging and efficient distribution.
The project has good transition impact potential. The project will:
Signal that privately owned companies that adopt good and transparent corporate practices are able to attract long-term financing in Serbia and Montenegro.
Have a demonstration effect highlighting the potential of enhanced cross-border trade and investment to other companies in the Balkans.
Enhance competition in the region and widen consumer choice.
Grand Prom d.o.o., a limited liability company incorporated in Serbia and Montenegro.
Long-term loan of €7 million, out of which:
€5.5 million will be financed by the EBRD; and
€1.5 million co-financed by the Italian Risk Sharing Facility, a facility signed on 31 May 2003 between the EBRD and the Italian government to co-finance projects in Serbia and Montenegro.
The project has been screened B/1 requiring an environmental audit of the Company's current operations in Serbia and Montenegro and an environmental analysis of the impacts associated with the construction of the new facility. A member of the Bank's Environmental Department visited the Company in June 2003 to gain an understanding of the Company's current approach to environment, health and safety issues. The facilities are well organised and are compliant with national requirements. Given the location in a residential area, special attention has been paid to atmospheric emissions and odours and the Company has installed secondary catalytic converters to reduce these. When the Company has selected a site for its new facilities, an analysis will be conducted to confirm that the site chosen is fit for purpose and free of any significant contamination, and that the facility will be constructed to meet both national and EU standards. The Company will provide the Bank with an annual environmental report on the on-going issues associated with its operations.
Slobodan Vucicevic, General Manager
Tel: +381 11 311 2350
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