The European Bank for Reconstruction and Development has extended the $153.3m (€117.5m) loan to fund part of the cost of building four more hypermarkets in Russia’s regions by Germany’s family-owned Globus group.
The bank’s 10-year loan to the Russian arm of Germany’s Globus Holding will fund two stores to be built in the towns of Korolev and Krasnogorsk in the Moscow region, and two more to be built later, one in Tver in the adjoining Tver region and another in Zelenograd, near Moscow.
This will bring the total number of Russian regional hypermarkets run by OOO Hyperglobus, a fully owned subsidiary of the German group, to nine, including those built with an earlier EBRD loan of $175m in 2008.
The new stores will also support Globus’s initiative to become the first retailer in Russia to implement an active waste management system, including recycling both at the customer and company level.
Since the EBRD was launched in 1991, it has committed more than €7bn to more than 450 agribusiness projects across central and eastern Europe and the Commonwealth of Independent States.
