The European Bank for Reconstruction and Development (EBRD) has provided €10 million ($10.7 million) in long-term financing to a leading Greek flour milling company, Loulis Mills, marking its first agribusiness transaction in the country.
The EBRD participated in the purchase of a €40 million bond loan facility alongside Alpha Bank, Eurobank and National Bank of Greece, which will finance additional working capital and refinance part of Loulis Mills’ existing and maturing debt obligations.
While the transaction is the EBRD’s first agribusiness investment in Greece, the development bank has completed about €800 million transactions in the country since it began investing there in 2015, aiming to support its economic recovery by strengthening private companies and the financial sector, supporting privatization, infrastructure development and the regional integration of the Greek economy.
“The EBRD will continue to remain active in Greece and boost its efforts to support the Greek corporate sector in cooperation with local commercial banks and through mobilizing other co-financiers,” said Sabina Dziurman, EBRD director, Greece and Cyprus, in a statement.
Loulis Mills, listed on the Athens Stock Exchange, has a track record dating back more than 200 years, producing over 120 varieties of flour and bake mixtures serving home bakers, professional and industrial bakeries.
“Greece has many good private companies and for them to thrive they need access to finance,” added Gilles Mettetal, EBRD director, Agribusiness.