EBRD loans $39.5m to Car­refour fran­chise

The Pak Banker - - COMPANIES/BOSS -

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."

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.