EBRD could credit Russian supermarket chain

The board of directors of the European Bank for reconstruction and Development (EBRD) will discuss releasing $36m in a credit to the Pyatyorochka supermarket chain on December 3, 2002, the EBRD reported. The bank is going to allow a long-term credit for financing the investment program of the retail chain in 2002 to 2005. In this period, investments are to reach $216m. As a EBRD release points out, the credit will be used for buying new premises.

The Pyatyorochka supermarket chain was incorporated in 1999 in St. Petersburg. As of today, the chain consists of 100 supermarkets, including 71 in St. Petersburg and 29 in Moscow. According to its own data, Pyatyorochka's trade turnover will amount to $400m this year.

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