Serbia to get further EBRD loan

Published: 24-May-2004

The European Bank for Reconstruction & Development (EBRD) is lending €22m to Serbia & Montenegro's largest pharmaceutical producer, Hemofarm a.d., to launch operations in Russia, its largest export market.


The European Bank for Reconstruction & Development (EBRD) is lending €22m to Serbia & Montenegro's largest pharmaceutical producer, Hemofarm a.d., to launch operations in Russia, its largest export market.

The money will help Hemofarm buy new equipment and build a pharmaceutical packaging and production plant in Obninsk, 100km south west of Moscow. The EBRD said it would be among the first in Russia to comply with international good manufacturing practice standards.

Hemofarm is planning to exploit its existing strong distribution network in the country, where it generates around half its export revenues. Company president Miodrag Babic said: 'it is only natural to set up a new plant in this country.' He added that this would help the company further promote its brand in Russia.

The loan builds on earlier EBRD help for Hemofarm in 2002, when it lent €18m to modernise and expand its facilities in Serbia & Montenegro.

  

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