February 6 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday it is providing a 2 million euro ($2.2 million) loan to AS Logistics, a newly established subsidiary of Bosnia's AS Holding, to support its development.
The proceeds of the loan will be used to finance investments in AS Logistics’ distribution centre in Bosnia's third largest city of Tuzla, as well as the purchase of new software, equipment and transport vehicles, the EBRD said in a statement.
"In addition, AS Logistics will implement an ISO certified Road Traffic Safety Management System to improve the safety and sustainability of the company’s operations which the investment programme will consolidate and optimise. It will also improve efficiency in order to create opportunities for further sustainable growth," the bank said.
AS Holding is Bosnia's largest agribusiness group, with 145 million euro in sales reported for 2018 and some 4,500 employees, the EBRD said.
The group is engaged in the production of food, including flour, bread, coffee, confectionery products, convenience foods, bottled water, and salt. Its products are sold in Bosnia and abroad.
($=0.908889 euro)