The FINANCIAL — The European Bank for Reconstruction and Development (EBRD) has successfully completed its first transaction in the agribusiness sector in Greece by providing €10 million long-term financing to Loulis Mills, a leading company in the Greek flour milling industry.
The EBRD participated in the purchase of a €40 million bond loan facility alongside Alpha Bank, Eurobank and National Bank of Greece. The funding will finance additional working capital and refinance part of Loulis Mills’s existing and maturing debt obligations, according to EBRD.
Loulis Mills, listed on the Athens Stock Exchange, has a long and successful track record dating back more than 200 years. Today, the company employs state-of-the-art technology and produces over 120 varieties of flour and bake mixtures, meeting the demands of a wide customer base, from home bakers to professional and industrial bakeries.
Sabina Dziurman, EBRD Director, Greece and Cyprus, mentioned that: “This transaction is not only our first investment in the Greek agribusiness sector, but also the transaction that closes a very successful first full year of the EBRD’s operations in Greece, having signed some €800 million transactions to date. The EBRD will continue to remain active in Greece and boost its efforts to support the Greek corporate sector in cooperation with local commercial banks and through mobilising other co-financiers.”
Gilles Mettetal, EBRD Director, Agribusiness, said: “We are happy to provide direct support alongside local commercial banks and enhance the resilience of the Greek private sector at this challenging time for the country. Greece has many good private companies and for them to thrive they need access to finance.”
Nikolaos Loulis, Chairman and Executive Director of Loulis Mills noted: “Our company’s development strategy has always been outward looking. The EBRD’s engagement is recognition of the strength of our company and the potential to grow.”
The EBRD started investing in Greece on a temporary basis in 2015 to support the country’s economic recovery. The Bank’s priorities are strengthening private companies and the financial sector, support for privatisation, infrastructure development and regional integration of the Greek economy.
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