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EBRD loan supports Carrefour to expand in Georgia |
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Improve quality
standards of domestic food retailing, create jobs and provide opportunities for
local suppliers Carrefour supermarkets and hypermarkets will strengthen their
presence in Georgia thanks to an investment by the European Bank for
Reconstruction and Development (EBRD). The EBRD is extending financing of up to
US$ 39.5 million to Majid Al Futtaim, one of the largest developers and
operators of shopping malls, retail and leisure destinations in the Middle East
and North Africa. Majid Al Futtaim is the holder of exclusive rights to the
Carrefour franchise in 38 countries across the Middle East, Africa and Central
Asia, including Georgia. The EBRD finance proceeds will be used by Majid Al
Futtaim to open and operate new Carrefour retail stores across Georgia. The
expansion will improve the quality and variety of available products, provide
greater choice at more affordable prices, improve hygiene standards and thereby
increase healthy competition in this market segment. “The presence of modern
retailers like Carrefour will also help to create jobs and support the growth
of modern retail in Georgia. A special emphasis will be put on helping local
food producers. 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,” said EBRD Director Gilles Mettetal, Acting
Head of Industry, Commerce and Agribusiness. “We are delighted to be
collaborating with the EBRD to expand our Carrefour operations in Georgia,”
said Eric Legros, CEO of Majid Al Futtaim Retail. “Georgia is a developing
market with immense potential for local suppliers, producers and farmers and
even greater demand from residents for a large variety of affordable,
high-quality goods. Through this financing facility, we are well positioned to
realise this potential and meet this demand.” The EBRD is a leading
institutional investor in Georgia. Since the start of its operations in the
country, the EBRD has invested over €2.66 billion in 188 projects in the
country’s financial, corporate, infrastructure and energy sectors, with 88 per
cent of these investments being in the private sector.
EBRD |
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