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19.03.2009   General news

IFC provides $16 mln loan to Alfa Group to develop supermarket chain in Belarus

Источник: Interfax News Agency

The International Finance Corporation (IFC) has provided a $16 million loan for the implementation of Alfa Group's project to develop a national supermarket chain in Belarus.

A1, Alfa Group's subsidiary for this project, said in a press release that the company BelMarketCompany, which manages the BelMarket supermarket chain, has already received the loan's funds. These funds will be used to open new outlets.

According to the press release, BelMarket is purchasing, renting and building stores conveniently located in residential areas. The stores are being opened in Minsk, as well as other regional centers.

The chairman of BelMarketCompany, Alexander Babikov, was quoted as saying that the BelMarket project had been launched at the end of 2007. Throughout 2008, the company opened 29 stores out of a planned 128 outlets.