The European Bank for Reconstruction and Development (EBRD) has provided Georgian food retailer Populi with a USD 12 million loan. The loan will help Populi expand its network of retail stores as well as improve its ability to process fresh products. EBRD’s loan will also be used to renovate the company’s warehouse activities and centralize its processing plant’s operations.
Populi (www.populi.ge)
Populi is one of the fastest growing retail chains in the Georgian market. At present, it operates 40 stores in the Tbilisi market and around the country with nearly 900 employees. Year-over-year, Populi’s revenue has increased by 145 percent to approximately USD 17.5 million.
The hypermarket retail sector in Georgia has tripled in size since 2001, with Populi leading the market in establishing new outlets with a footprint that averages 1000 square meters.
14/01/2009
Central & Eastern Europe, Georgia, Investment, Private Equity News, Retail Industry