| EBRD equity investment in Serbian furniture maker |
| 18 November 2009 | 14:41
| Source:
B92 |
BELGRADE --
The EBRD is making an equity investment of up to EUR 7mn in Forma Ideale.
The company is one of the leading furniture manufacturers in Serbia, the bank said in a statement today, and added that the money would support its further growth and the expansion of its export business.
The company exports a significant portion of its production to neighboring countries like Bosnia and Herzegovina, Croatia, Montenegro, FYR Macedonia and Romania.
"With the EBRD’s support, Forma Ideale will build its first modern logistics center close to its production facility in Kragujevac, in central Serbia. The new warehouse will enable the company to consolidate its logistics operations, reduce delivery times and improve overall production efficiency," the statement said.
EBRD funds will also be used to strengthen Forma Ideale’s balance sheet, it was announced.
“Supporting local corporates is one of the EBRD’s priorities and we are pleased to partner such a prominent company in Serbia and to support Forma Ideale in building on its competitive advantages,” said Hildegard Gacek, EBRD Director for Serbia.
Since the beginning of its operations in Serbia, the EBRD has committed over EUR 1.7bn in various projects. EBRD funds attracted additional investment worth EUR 2.5bn in the Serbian economy.
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