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EBRD Provides Loan to Leading Montenegrin Retailer
Podgorica | 21 October 2009 | Bojana Barlovac
The European Bank for Reconstruction and Development, EBRD, is boosting competition in the Montenegrin retail sector by providing a €4.2 million loan to the country’s leading retailer Voli Trade.
The head of the EBRD office in Montenegro, Marek Lorinc, said that the bank is pleased to support a leading player in the sector.
“This project will raise the competitiveness of Voli Trade, bringing modern retail experience to other towns in Montenegro. We believe that this is only the first step in the cooperation between the EBRD and Voli, which will grow in the future,” Lorinc explained.
With a market share of more than 10 per cent, Voli Trade, owned by grocery retailer Voli, is Montenegro’s market leader, operating 12 stores in the capital Podgorica and in four other towns.
Voli CEO Dragan Bokan said that, after the loan agreement, Voli Trade would further strengthen its market position with competitive pricing. He announced the opening of two more stores outside Podgorica, which are to open in 2010.
The “opening of new stores is of great importance for our society and in providing a number of new jobs”, he added.
Additionally, Bokan pointed out the importance of cooperation between the company and EBRD, particularly in light of the economic crisis. Source: Balkaninight
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