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2023-10-17 00:00:00
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The European Bank for Reconstruction and Development, alongside the Enterprise Expansion Fund II Western Balkans (ENEF II), are backing Uje Rugove, a prominent bottled water firm in Kosovo, with a sustainability-tied loan of €6 million. This investment aims to bolster Uje Rugove's market position and foster growth.
With the acquired funds, Uje Rugove plans to acquire a fresh facility and introduce advanced production lines. Their objective is to debut new products housed in eco-friendly packaging. This initiative is set to broaden their offerings and boost their standing both domestically and internationally.
This venture stands out as Kosovo's inaugural green financial tool. It deftly intertwines climate, environmental, societal, and governance (ESG) criteria with financial considerations.
Three primary environmental milestones for the loan have been identified: decreasing water wastage in the production process, curbing packaging excess, and incorporating at least 50% recycled polyethylene in their stretch film and labels.
Furthermore, Uje Rugove is set on upholding elevated standards in environmental safety and health.
Sergiy Maslichenko, the EBRD’s chief representative in Kosovo, expressed his enthusiasm for this pioneering ESG-anchored financial partnership in the local agribusiness landscape. Meanwhile, Visar Kelmendi, who presides over Uje Rugove’s board, underlined the loan's significance for both the company and the nation. He emphasized their staunch commitment to sustainable production practices and setting industry benchmarks in environmental consciousness.
ENEF II, under the Western Balkans Investment Framework, receives support from the European Union and other bilateral contributors. Its mission is to offer growth capital to promising businesses keen on refining their ESG stature across the six Western Balkan nations.
Founded with backing from the European Union, ENEF II is an emerging investment fund supervised by the EBRD. Catering to SMEs and mid-sized companies in the Western Balkans, the fund has garnered €57 million in pledges from backers, including the EU, Italy’s Cassa Depositi e Prestiti bank, and Germany’s KfW bank. EBRD's stake in the fund stands at €19 million, with KfW and the EU mitigating primary loss risks.
Kosovo's food and agriculture domain is ripe for expansion, with segments like the beverage sector, led by companies such as Uje Rugove, poised for regional prominence.
To this day, the EBRD's financial footprints in Kosovo amount to €629 million.
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