Carrefour to strengthen presence in Georgia thanks to 39.5 mln USD loan from EBRD

ArmInfo. The European Bank for Reconstruction and Development (EBRD) is extending a loan of up to US$ 39.5 million to the Georgian subsidiaries of Majid Al Futtaim, one of the largest developers and operators of shopping malls, retail and leisure destinations in the Middle East and North Africa. Majid Al Futtaim is the holder of exclusive rights to the Carrefour franchise in 38 countries across the Middle East, Africa and Central Asia, including Georgia and Armenia.

The EBRD loan will be invested to open and operate new Carrefour retail stores across Georgia. According to the EBRD information, the expansion will improve the quality and variety of available products, provide greater choice at more affordable prices, improve hygiene standards and thereby increase healthy competition in this market segment.

"The presence of modern retailers like Carrefour will also help to create jobs and support the growth of modern retail in Georgia. A special emphasis will be put on helping local food producers. A key element in the EBRD-supported project is Majid Al Futtaim's ongoing commitment to sourcing a high percentage of food supplies from local farms and producers," said EBRD Director Gilles Mettetal, Acting Head of Industry, Commerce and Agribusiness.

To note, the first and as of now the only Carrefour supermarket was opened in Yerevan last year in Yerevan-Mall trade and entertainment center. Nothing is known about Carrefour's plans in Armenia and its financial condition. The leadership of the company conducts conservative policy in its relations with the Armenian mass media.