Consumers and agricultural producers in Montenegro will benefit from the further expansion of Voli, the country’s leading supermarket chain and one of the biggest purchaser of local produce, thanks to a €10 million loan provided by the EBRD.
The funds will finance the opening of four new Voli stores, including a supermarket and a convenience store, and the refurbishment and expansion of five existing stores. With a market share of about 30 per cent and 66 food retail stores across the country, Voli is the leading grocery retailer and one of the most recognised brands in Montenegro.
The new outlets will be located in underserved regions outside major urban areas, where these store formats are still less frequent. The EBRD funds will also support training of at least 750 students in sales and customer service functions, supporting young people’s access to skills and employment and providing new economic opportunities for the younger generations in Montenegro.
Jaap Sprey, Head of the EBRD in Montenegro, said: “This builds on our very successful cooperation with Voli in the past. By further supporting the company we are helping to develop agribusiness value chains as well as strengthening the private sector to become even more resilient and innovative – some of the key challenges in Montenegro”.
The EBRD is a leading institutional investor in Montenegro and has invested €571 million in 60 projects across various sectors of the economy to date. The Bank’s strategy in the country focuses on efforts to help Montenegro enhance the competitiveness of the private sector and supporting sustainable practices in tourism.