IFC approves new credit to MK Group
Belgrade, Serbia, 13 June 2014 – International Finance Corporation (IFC), a member of the World Bank, has approved a credit line of 25 million euro to the company MK Group to support agribusiness sector in the country, enable creation of new working places and reduce trade deficit.
IFC long-term financing will support sustainable growth and business operations of MK Group. The credit line will be used for agricultural machinery and expanding storage capacities of MK Group, as well as improvement of production and cost efficiency of its member companies – Carnex, a leader in meat production and Sunoko, a leader in production of sugar in Serbia.
“We recognized this credit as an acknowledgement of the success of our strategy and we believe IFC will play an important role in its realization” said Miodrag Kostić, President of MK Group. “We are in partnership with IFC since 2012 when IFC approved the first credit line in amount of 45 million euros to MK Group”.
“Agribusiness represents a main pillar of our strategy in the region” said Carsten Muller, IFC Director of production, agriculture and services for Europe, Middle East and North Africa. IFC has been working with MK Group on support of inclusive economic development in Serbia, food production growth in the country and its export.
In 2001, Serbia has become a shareholder and a member of IFC. IFC investment portfolio as at 28 February 2014 amounted 704, 6 million $. IFC’s investment in Serbia has been directed to enlargement of access to financial means through support of the local financial institutions development and through financing of companies dealing in agribusiness and production.
IFC, a member of the World Bank, is the largest global development institution oriented exclusively to private sector. We use our own capital, expertise and influence while working with more than 100 countries in order to help eradicate the poverty and support mutual prosperity. In the fiscal year of 2013 our investments amounted almost record of 25 million $, by relying on the strength of the private sector in creation of new working places and solving the most urgent challenges relating to the development in the world. Further information is available at www.ifc.org