...

EBRD issues $11M loan to Kazakh food retailer

Central Asia Materials 30 October 2017 14:57 (UTC +04:00)
The European Bank for Reconstruction and Development (EBRD) is providing a five-year senior local currency loan in Kazakh tenge, which will be equivalent to $ 11 million, to the major Kazakh food retailer Ramstore Kazakhstan LLP.
EBRD issues $11M loan to Kazakh food retailer

Baku, Azerbaijan, Oct. 30

By Nigar Guliyeva - Trend:

The European Bank for Reconstruction and Development (EBRD) is providing a five-year senior local currency loan in Kazakh tenge, which will be equivalent to $ 11 million, to the major Kazakh food retailer Ramstore Kazakhstan LLP.

The Bank reported that the loan will help Ramstore Kazakhstan LLP ,one of the largest players in the local market and fully owned by Migros Ticaret A.S. of Turkey, modernize and redevelop its flagship shopping mall in the Samal area of the country’s capital, Almaty.

The new Ramstore multi-functional trade complex, which will open its doors in November, will showcase the latest architectural and retail trade solutions. The proceeds will also allow the retailer to implement expansion plans and facilitate store openings (Ramstore supermarkets, Macrocenter gourmet, Ramstore express supermarkets) and new trade centres across Kazakhstan.

Head of EBRD Kazakhstan office Agris Preimanis noted that with the loan the Bank is promoting foreign investment in Kazakhstan, creating new jobs and facilitating access to better-quality food retail services across the country.

"Providing our loan in local currency makes working with the EBRD even more attractive to Ramstore Kazakhstan LLP as we help the company to avoid exchange rate fluctuations," he said.

To date, the EBRD has invested €7.3 billion in various sectors of Kazakhstan’s economy, with a focus on the non-oil and gas sectors, where it is the largest institutional investor.

Tags:
Latest

Latest