Baku, Azerbaijan, Oct. 19
By Rashid Shirinov – Trend:
The EBRD has provided funds worth $7 million to RG Brands, a Kazakhstan-based manufacturer of food and beverages, the Bank said in a statement.
Under the agreement reached in 2015, the company will receive additional funds to support its priority investments in sales and distribution equipment as well as other capital expenditures.
The funds will be used to purchase over 8,000 refrigerators and cooling display units, which will reduce electricity consumption and use an environmentally friendly refrigerant.
Founded in 1994, RG Brands produces juices, soft drinks, milk, tea, water and chips, and has leading market positions in all business segments. The company has four production sites in the north and south of Kazakhstan.
It is worth noting that the total EBRD exposure to RG Brands has reached almost $100 million, making it one of the Bank’s largest private sector borrowers in Kazakhstan.
To date, the EBRD has invested over $8.7 billion through 246 projects in the economy of Kazakhstan. Private sector support and diversification are among the Bank’s priorities in the country.