EBRD lending 25 mln euro to Serbia's MK Group
The European Bank for Reconstruction and Development (EBRD) said it is disbursing a 25 million euro ($28.2 million) long-term loan to MK Group.
"The loan proceeds will support the group in further developing its commodity processing and trading operations in the amount of 20 million euro, and to finance certain capital expenditures in Serbia in the amount of 5 million euro," the EBRD said in a notice on Monday.
The project is expected to lead to enhanced competitiveness and performance of MK Group's commodity processing and trading segment. The EBRD will also finance Green Economy Transition capital expenditures of the group in the amount of 4 million euro which are expected to result in greenhouse gas emission savings at the group level, the bank said.
MK Group, a vertically integrated agribusiness, is Serbia's largest sugar producer, and is also engaged in farming, meat processing, trading and logistics.
The group is a subsidiary of AEC Agrinvestment Limited, one of the largest corporate groups in Serbia, which also operates in Croatia, Montenegro, and Slovenia.