IFC lends USD 75 million to Victoria Group

The World Bank’s International Finance Corp. will lend $75 million to Serbia’s Victoria Group AD to improve finances and expand business ranging from oilseeds to food products, Bloomberg reports.

The Belgrade-based company, consisting of 10 units that trade grains and oilseeds, process oil crops, make food, fodder, fertilizers and other related chemicals, will use the six-year loan “for short-term and long-term refinancing,” and to upgrade its business.

The loan agreement, signed today, should help Serbia, where agriculture accounts for about a fifth of economic output, expand food and oilseeds production, the IFC said.