Baltika Brewery receives EBRD credit
St. Petersburg’s Baltika brewery, which is majority owned by Baltic Beverages Holdings, itself a joint-venture of Scandinavian brewers Pripps Ringnes and Hartwall, signed a credit agreement with the European Bank for Reconstruction and Development (EBRD) for US$40 million. The credit has been granted for seven years and will be used to implement strategic development programmes aimed at raising production and developing the company’s distribution network in Russia. In 1998, EBRD already signed a loan agreement with Baltika’s St. Petersburg malting subsidiary. Baltika was founded in 1990 and joined BBH in 1993. Baltika beer is sold in more than 140 Russian cities. In 1998, Baltika produced 4.9 million hl of beer. It expects output to be even higher in 1999..
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