EBRD grants EUR 50 million to MK Group

(Miodrag Kostic and Matteo Patrone)

The European Bank for Reconstruction and Development (EBRD) will grant a capital input worth EUR 50 million to MK Group which will be used to fund new investments in agriculture and infrastructure in Serbia, Tanjug news agency has reported.

The contract on the capital input was signed by EBRD Director for Serbia Mateo Patrone and President of MK Group Miodrag Kostic.

After the signing of the contract in the sugar refinery in Pecinci, Kostic said that EBRD is expected to purchase seven percent of the shares of MK Group within the holding company Agri Europe.

He recalled that in addition to MK Group, Agri Europe also includes MK Commerce, Sunoko, Carnex and Agro Invest Ukraine.

Kostic specified that additional funds from the capital input would be used for funding and development of new investments in Serbia's sugar refineries.

The investments aim to reduce production, increase energy efficiency and protect the environment.