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Fozzy Group plans to raise $ 60 million from EBRD

EBRD intends to approve a loan for modernization of Fora and Silpo chains soon

According to the European Bank for Reconstruction and Development, the bank intends to provide Fozzy Group with a long-term loan of $ 60 million for the modernization and expansion of Silpo and Fora grocery chains.

It is noted that the project will support Fozzy Group's strategy to expand retail operations and increase business continuity.

It is known that the total cost of the project is $ 160.8 million, and its approval is scheduled for March 11, 2020.

The project plans to increase the efficiency in the use of energy and resources, in particular through the introduction of freon-free cooling, efficient ventilation system, heating and lighting systems, as well as the use of modern technologies for waste management. The project also envisages expanding the presence of Fozzy Group supermarket chains in regions with a limited offer in the field of food retail.

Fozzy Group includes a chain of Silpo supermarkets, Fora corner shop, Fozzy wholesale hypermarkets, Thrash ! discount supermarkets, Bila Romashka pharmaceutical supermarkets, Ringoo electronics stores, Nizhynskyi cannery, Varto poultry farm, several restaurants and Silpo Voyage travel agencies.

The beneficiaries of the corporation are Volodymyr Kostelman, Roman Chyhir and Oleh Sotnykov.

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