EBRD grants €3m loan to Vitaminka for modernisation

The European Bank for Reconstruction and Development (EBRD) is providing a loan of around €3m to Vitaminka, a leading Macedonian agribusiness company.

Vitaminka specialises in chocolate confectionary and crisp snacks. It will use the loan to buy new equipments for energy-efficient production and modernise two production facilities.

The investments will help the company scale-up operations and reduce operational costs.

EBRD will give this loan under its local enterprise facility (LEF), which is a programme focused on assisting the private sector by providing long-term financing for small and medium-sized enterprises in the Balkans, Turkey and the southern and eastern Mediterranean region.

The company currently exports 45% of its products to places such as Serbia, Croatia, Bosnia and Herzegovina, Slovenia, Kosovo, Australia, and the US. It has also invested in modernisation and redevelopment.

Balkans.com quoted EBRD head of agribusiness for Central South-Eastern Europe Miljan Zdrale as saying: "The funds will help to promote (FYR) Macedonia’s agricultural potential through fostering regional competitiveness of well-positioned market player in (FYR) Macedonian agribusiness sector, Vitaminka, whose development EBRD is proud to support."

Vitaminka president of the board of directors Simon Naumoski said: "Vitaminka sees the EBRD as a reliable partner and we take pride in our long-standing relationship. We are looking into further expanding our business and strengthening our position in the regional market and are pleased to be supported by the EBRD."

EBRD earlier provided a €2.5m loan to Vitaminka for purchasing new production and packaging equipment in 2012.

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Image: Vitaminka specialises in chocolate confectionary and crisp snacks. Photo: courtesy of Sura Nualpradid/freedigitalphotos.net.