Eurotorg signs loan agreement with EBRD

Eurotorg (the “Company”), the largest food retailer in Belarus, today announces that it has signed a loan agreement for EUR 20 million with the European Bank for Reconstruction and Development (EBRD).

The transaction is the result of the Company’s ongoing drive to optimise its debt profile. The loan from the EBRD will allow Eurotorg to reduce its average cost of debt and extend the repayment schedule.

Andrey Zubkou, CEO of Eurotorg, said: “This agreement with one of the world’s leading international financial institutions once again underscores Eurotorg’s strong standing as a high-quality borrower with a robust strategy, efficient business model and significant potential for future growth. The EBRD is a long-standing partner of Eurotorg, and we are grateful for their continued support.

“Today’s loan agreement marks a logical next step for the Company following our successful debut Eurobond in October 2017, and also highlights the growing attractiveness of the Belarusian market for investors.”

In addition to the loan agreement, Eurotorg will work with the EBRD on a comprehensive plan to strengthen its corporate governance.

Alex Pivovarsky, EBRD Head of Office in Belarus, said: “The EBRD is pleased to support the operations of Eurotorg, a leading food retailer in Belarus and our long-standing partner. We hope that our funding will help the company continue to expand its offering to the benefit of millions of customers across the country.”

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