Belarus-based food retail chain Eurotorg has received a €20m loan from the European Bank for Reconstruction and Development (EBRD) for business expansion.

The food retailer will use the investment to further optimise its debt portfolio by reducing its average cost of debt and extend the repayment schedule.

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The retailer, in collaboration with EBRD, will also enhance its corporate governance to strengthen its position as it develops operations in its domestic market and beyond.

Eurotorg CEO Andrey Zubkou said: “This agreement with one of the world’s leading international financial institutions once again underscores Eurotorg’s strong standing as a high-quality borrower with a robust strategy, efficient business model and significant potential for future growth.

“The EBRD is a long-standing partner of Eurotorg, and we are grateful for their continued support.

“Today’s loan agreement marks a logical next step for the company following our successful debut Eurobond in October 2017, and also highlights the growing attractiveness of the Belarusian market.”

“Today’s loan agreement marks a logical next step for the company following our successful debut Eurobond in October 2017, and also highlights the growing attractiveness of the Belarusian market for investors.”

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Eurotorg currently operates more than 620 stores in 225 cities and towns across Belarus.

In 2012, EBRD granted Eurotorg a senior secured loan to finance its expansion to regional towns in Belarus.

EBRD Belarus office head Alex Pivovarsky said: “The EBRD is pleased to support the operations of Eurotorg, a leading food retailer in Belarus and our long-standing partner.

“We hope that our funding will help the company continue to expand its offering to the benefit of millions of customers across the country.”

EBRD started its operations in Belarus in 1992 and invested more than €2bn in 95 projects in various sectors of the country.