EBRD Announces Loan For Upgrading Migros Stores In Turkey
The European Bank for Reconstruction and Development (EBRD) has announced that it will provide a loan of €60 million for financing the modernisation of Migros stores in Turkey.
The fund will be used to upgrade the retailer’s existing outlets and digital infrastructure, modernise logistics, and implement EU-compliant, energy-efficient technologies in new stores.
Migros and EBRD also aim to raise the level of vocational skills in Turkey and create job opportunities for young people.
The supermarket chain has set up a retail academy, which will be accredited as a vocational training centre by a specialised state agency.
During the tenure of the loan, the academy will train around 2,000 young people and equip them with skills that are in demand in the retail sector.
The move is a part of EBRD’s strategy to boost competitiveness in Turkey’s economy.
The bank has also invested in two Turkish lira-denominated bonds issued by Migros in 2018.
The retailer operates in 81 Turkish provinces through a network of 2,048 food retail stores under the brand names of Migros, M-Jet, 5M, Kipa and Macrocenter.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.