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EBRD, Hemofarm sign €22 million loan agreement

Belgrade, 30 April 2004

President of the Hemofarm pharmaceutical company from Vrsac Miodrag Babic and Business Group Director of the European Bank for Reconstruction and Development (EBRD) for Southern and Eastern Europe Olivier Descamps signed last night a €22 million loan agreement which will boost Hemofarm's presence on the Russian market.

Author: FoNet

Following the signing of the agreement, Babic said that Hemofarm's investment in Russia, worth €24.8 million, will be the major foreign investment in the Russia's pharmaceutical industry. Babic explained that Hemofarm shipped half of its last year's exports to Russia and posted a profit of $22 million. For that reason, Hemofarm decided to start manufacturing its products directly in Russia, and will build a modern factory near the city of Obninsk.

Descamps said that Hemofarm is one of the best performing companies in Serbia, and voiced hope that the new investment will significantly improve its positions on the Russian market. He said that Hemofarms was the first Serbian company to receive a loan from the EBRD already two years ago, worth €18.5 million, which was used for the building of its factory in Vrsac.

The agreement signing ceremony was attended by Serbian Minister of Finance and Economy Mladjan Dinkic. He said that there are few Serbian firms which enter the international market through the front door, and voiced hope that there will be more Serbian companies that will start business in Russia with the help of EBRD.