The European Bank for Reconstruction and Development (EBRD) is planning to lend US$200m to Russian supermarket owner Dorinda, which plans to use the money to expand its O’Key chain over the next three years.
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Dorinda is planning to launch five O’Key supermarkets in Moscow this year, having expanded from the St Petersburg area. The EBRD said O’Key offered an “efficient, competitive and hygienic shopping environment”.
In a memorandum, the agency added that the chain would boost “the development of a modern food retail industry in the regions where penetration of modern retail formats is still minimal or non-existing,” pushing Russian food manufacturers to adopt higher standards.
Dorinda will have to construct and operate its stores and any related food processing facilities “according to the best international practice”.
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