The European Bank for Reconstruction and Development (EBRD) agreed a €4.2m loan to Voli Trade, owner of Voli, a Montenegro’s grocery retailer operating twelve stores in the capital Podgorica and in four other towns.
With this support, Voli Trade will open two more stores outside Podgorica in 2010.
As stated by Voli CEO, Dragan Bokan, the investment will be used to expand Voli’s retail and distribution network and strengthen its leading position in the country.
“The opening of new markets in the towns of Montenegro will provide modern concept of trade for the citizens, followed by competitive prices. Opening of new stores is of great importance for our society and for providing a number of new jobs”, he said.
The loan is arranged under the EBRD–Italy Local Enterprise Facility, established to support economies in Albania, Bosnia-Herzegovina, Croatia, FYR Macedonia, Montenegro, Turkey and Serbia through the provision of financing to small and medium-sized local enterprises.