EBRD loans $39.5m to Carrefour franchise
The European Bank for Reconstruction and Development (EBRD) has allocated a loan of up to $39.5 million to the Georgian subsidiaries of Majid Al Futtaim, the holder of exclusive rights to the Carrefour franchise, the EBRD said on Sunday.
Majid Al Futtaim is one of the largest developers and operators of shopping malls, retail and leisure destinations in the Middle East and North Africa. The EBRD loan will be invested to open and operate new Carrefour retail stores across ex-Soviet country of 3.7 million.
"The presence of modern retailers like Carrefour will also help to create jobs and support the growth of modern retail in Georgia," said EBRD Director Gilles Mettetal, Acting Head of Industry, Commerce and Agribusiness.
"A key element in the EBRD-supported project is Majid Al Futtaim's ongoing commitment to sourcing a high percentage of food supplies from local farms and producers."