PMFORUM Breaking News

The EBRD has announced that it will be helping to raise standards and boost competition in the Macedonian wine sector with a new financing to Tikves, the country's leading wine producer. The Bank will provide a loan of €2.5 million to finance the company's investment programme to finalize modernization of Tikves production operations.

Following the EBRD's €6 million equity investment in Tikves in November 2008, this loan will reinforce the Bank's commitment to the company's drive to improve its already strong market position in FYR Macedonia and in the region. The proceeds of the loan will be used to help Tikves to further expand the sales of its high quality branded bottled wines into neighbouring countries, and to offer an improved and competitive portfolio of products to the local market.

"In the current tight credit market in FYR Macedonia, the EBRD is pleased to provide the necessary financing to enhance company's operations and enable it to build up on Tikves strong brand-name in the country and the region. This project will boost competition within the wine sector throughout the whole Western Balkans region", said Elena Urumovska, Head of EBRD's Resident Office in Skopje.

Dating back to 1885, Tikves now has the largest processing capacity for wine in south-eastern Europe. To date, the company has won more than 2,000 quality awards at domestic and international wine fairs and was recently ranked among the top 30 global wine brands at the 2008 Wine Innovation Forum in Paris. Since the beginning of its operations in FYR Macedonia, the EBRD has committed €480 million in more that 40 projects in the financial services, corporate, infrastructure and energy sectors. The Bank's own investments have attracted additional financing worth more than €580 million.


The European Bank for Reconstruction and Development (EBRD) was established in 1991 to nurture the private sector in central and eastern Europe and ex-soviet countries. Today the EBRD uses investment to help build market economies and democracies in countries from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilizes significant foreign direct investment beyond its own financing. Owned by 61 countries and two intergovernmental institutions, the EBRD provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. The Bank uses its close relationship with governments in the region to promote policies that will bolster the business environment. The EBRD only works in countries that are committed to democratic principles and respect for the environment. For more information, visit http://www.ebrd.com/index.htm.