EBRD approves €8m loan for Belarus’ Mila drogerie chain
<p> MINSK, Aug 7 - PrimePress. The European Bank for Reconstruction and Development (EBRD) has approved the provision of a senior secured loan of up to €8 million to support the Bel Parfum Distribution Group’s (which runs the Mila retail chain in Belarus) working capital needs and ensure uninterrupted operations in an environment impacted by the COVID-19 outbreak. </p> <p> </p> <p> The proposed facility aims to ensure adequate liquidity for the Group during a period where its operations will likely be affected by falling demand, higher costs and increased operational risks. The proceeds will be used for working capital purposes to support liquidity of the Group as well as to facilitate the completion of the ongoing 2020-21 capital expenditure programme, which includes the construction and equipment of a warehouse. This will allow the Group to achieve the targets set in the original equity deal and therefore safeguard the Bank investment and corresponding transition objectives. </p> <p> </p> <p> Bel Parfum Distribution Group is engaged in retail and wholesale trade of personal care and household goods in the Republic of Belarus. The Group operates a chain of more than 500 specialised stores under the brand Mila. </p> <p> </p> <p> The European Bank for Reconstruction and Development is an international financial institution headquartered in London, created to support the economic transformations in Central and Eastern Europe. Since the start of its operations in Belarus in 1992, the EBRD has invested €2.917 billion in 134 projects in various sectors of the country’s economy. In 2016 the EBRD adopted a new strategy for operations in Belarus in 2016-2019. The document abolished the calibrated approach, which restricted EBRD operations with the public sector. Belarus and the EBRD have been implementing a number of projects in utilities industry, energy saving, transport infrastructure and environment protection. End </p>
2020-08-08
Primepress
EBRD approves €8m loan for Belarus’ Mila drogerie chain
MINSK, Aug 7 - PrimePress. The European Bank for Reconstruction and Development (EBRD) has approved the provision of a senior secured loan of up to €8 million to support the Bel Parfum Distribution Group’s (which runs the Mila retail chain in Belarus) working capital needs and ensure uninterrupted operations in an environment impacted by the COVID-19 outbreak.
The proposed facility aims to ensure adequate liquidity for the Group during a period where its operations will likely be affected by falling demand, higher costs and increased operational risks. The proceeds will be used for working capital purposes to support liquidity of the Group as well as to facilitate the completion of the ongoing 2020-21 capital expenditure programme, which includes the construction and equipment of a warehouse. This will allow the Group to achieve the targets set in the original equity deal and therefore safeguard the Bank investment and corresponding transition objectives.
Bel Parfum Distribution Group is engaged in retail and wholesale trade of personal care and household goods in the Republic of Belarus. The Group operates a chain of more than 500 specialised stores under the brand Mila.
The European Bank for Reconstruction and Development is an international financial institution headquartered in London, created to support the economic transformations in Central and Eastern Europe. Since the start of its operations in Belarus in 1992, the EBRD has invested €2.917 billion in 134 projects in various sectors of the country’s economy. In 2016 the EBRD adopted a new strategy for operations in Belarus in 2016-2019. The document abolished the calibrated approach, which restricted EBRD operations with the public sector. Belarus and the EBRD have been implementing a number of projects in utilities industry, energy saving, transport infrastructure and environment protection. End