The European Bank for Reconstruction and Development has granted a €13.1m (US$16.5m) loan to Serbia’s largest ice cream and frozen food producer, Frikom A.D.
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The EBRD said the six-year loan is aimed at helping Frikom to improve its production facilities, upgrade irrigation systems, increase efficiency and expand its domestic distribution network, reported Reuters.
Ivica Todoric, chief executive of Croatian food group Agrokor, which owns a 55% stake in Frikom, said the loan would be used to allow Frikom to further expand on the domestic market and forms part of Agrokor’s strategy to become the leading regional player in the frozen foods business.
