Russian retail chain Monetka has received an RUB1bn (US$34m) loan to fund a major upgrading of its logistics infrastructure.

The seven-year loan from The European Bank for Reconstruction and Development (EBRD) will be used to finance the construction of the second phase of a distribution centre in Ekaterinburg. It will also fund the opening of a distribution centre in the northern part of the Urals, where Monetka has been based for the last ten years.

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Part of the EBRD funding will also help Monetka to expand its truck fleet in a bid to improve the chain’s distribution system. In addition, new stores will be fitted with more modern equipment designed to cut energy consumption and respective costs.

Monetka, a privately-owned domestic food retailer, employs around 8,200 people, mainly in Russia’s Urals and Volga regions. Its chain includes two hypermarkets, 21 supermarkets and 191 discount stores.

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