Voli, Montenegro's largest retailer, has announced that it has received a €10 million loan from the European Bank for Reconstruction and Development (EBRD).
In a statement, the EBRD said that the funds would support the expansion and upgrade of Voli's retail network, including the opening of four new stores, including a supermarket and convenience store, as well as the refurbishment and expansion of five existing stores.
Voli boasts a market share of around 30%, and operates 66 food retail stores across Montenegro.
The new openings will be located in 'underserved regions' outside major urban areas.
“This builds on our very successful cooperation with Voli in the past," commented Jaap Sprey, head of the EBRD in Montenegro. "By further supporting the company we are helping to develop agribusiness value chains as well as strengthening the private sector to become even more resilient and innovative – some of the key challenges in Montenegro."
In total, the EBRD has invested €571 million in Montenegro to date, in 60 projects across various sectors of the economy.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.