IFC, a member of the World Bank Group, has signed an agreement with several companies of RTL Holdings Group, which will expand access to modern retail services in Belarus. The investment will help the company develop its wholesale and distribution system and expand the Rubliovskiy supermarkets network in the country's six regional capital cities. This will allow local consumers to access a more diverse selection of high-quality, affordable foods.

IFC's USD 7 million long-term loan facility, together with a USD 19 million subordinated loan will help RTL Holdings to build six warehouses and 20 new supermarkets throughout Belarus between 2008 and 2012.

"This investment signals IFC's support for our company's business strategy. We appreciate IFC's financial support and advisory services in corporate governance and environmental and social issues. This will help us expand and diversify our operations and improve our competitiveness in Belarus," said Sergei Rzheutski, public relations manager for RTL Holdings Group.

"IFC sees major development opportunities in this project. It will help facilitate a transfer of modern wholesaling, warehousing, and retail techniques to Belarus as well as expand access to better quality goods for people. It will also generate many direct and indirect jobs throughout the country," said Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services.

Source: EastAgri News [1]