EBRD Head of Office for Montenegro Giulio Moreno said that €10 million of fresh capital would be used to strengthen the company by building a new distribution center in Podgorica, MINA news agency carried.
“This will enable the development of local and regional networks of suppliers and help companies to sell their products on the domestic market. This project is important for agriculture in Montenegro in general, because it will provide better access to clients for local producers,” Moreno said after signing the partnership agreement.
The partnership agreement, which was signed by representatives of the EBRD and owner and general manager of “Voli”, Dragan Bokan, represents the EBRD’s first investment in the agribusiness sector in Montenegro.
“Cooperation between ‘Voli’ and the EBRD was not easy and it started in 2008 when ‘Voli’ was the fifth largest retail chain in Montenegro with €66 million sale and about 8% of the market share. It is clear that ‘Voli’ is currently the leader in the retail market,” Moreno said.
He said that “Voli” continued to grow, not only in the scope of work, income and number of employees, but also in improving level of services and corporate and financial management.
“The EBRD has also provided a number of consultants for various business segments,” added Moreno.
Owner and general manager of Voli Dragan Bokan said that 20th anniversary of the company would be marked by such a partnership that was implemented in Montenegro for the first time.
“Within our new investment project, the EBRD will provide ‘Voli’ with investment capital for strengthening the chain of supply, distribution and retail, through the construction of a new distribution centre at almost 14,000 square meters, as well as the expansion of its retail network,” Bokan explained.
According to him, despite the great importance for the agricultural sector of Montenegro, the partnership shows that the Montenegrin businessmen have the knowledge, vision and quality that is recognised and admitted by a renowned institution.
EBRD Head of Agribusiness for Southeast Europe Miljan Zdrale said that this partnership represented a crown of longstanding relations and work with “Voli” company and beginning of their long-term cooperation.
“This investment is important for the development of the first modern logistics centre which will have a multiple impacts on the whole agricultural sector. Maturity and readiness of the management team for a new level of corporate governance that will support further development of ‘Voli’ is also important”, Zdrale said.
He said that even during the years of the most serious economic crisis, the company achieved results, which gave the bank a comfort to enter in raising such a company to a new level.
“This is the first investment in a company of the agribusiness sector in Montenegro, which speaks for itself,” Zdrale said.
