AS Holding is the first private company in Bosnia and Herzegovina to establish cooperation with German Development Finance Institution
After the Development Bank of Austria (OeEB), and the European Bank for Reconstruction and Development (EBRD), this is the third development institution, which has demonstrated confidence in AS Holding.
Sarajevo, … 12th March 2021. – Valpak d.d. Visoko, a member company of AS Holding, and the German Development Finance Institution DEG – Deutsche Investitions – und Entwicklungsgesellschaft, recently signed a 12.1 million euros loan agreement. This makes AS Holding the first private company in Bosnia and Herzegovina to establish cooperation with German Development Finance Institution. This agreement makes DEG the sole creditor of Vispak, and the funds are intended for refinancing as well as for capital investments. The funds will be used for the construction of a system of renewable energy sources, more precisely, for the installation of solar panels on the Vispak office building, as well as in the procurement of new plants and automation of different production processes involving coffee, powder products, chocolate, etc.
In addition to reducing energy costs and CO2 emissions, new investments will enable Vispak to significantly increase and modernize production capacities, and further, raise the standards of quality control.
Mr. Rusmir Hrvić, President of AS Holding Board of Directors, signed the contract on behalf of Vispak in the presence of Nina Bijedić Mujanović, Director of Vispak, and Mirza Kasum, CFO at AS Holding. Vice Presidents Irene Stechert and Ruediger Brain (Corporates/Funds Europe/Middle East/Central Asia) signed the contract on behalf of DEG.
“Vispak and AS Holding are looking forward to establishing cooperation with DEG, as a partner for further expansion of their business, and the very signing of this agreement is a confirmation of the quality of Group’s business. We are especially pleased that we have fully met the high standards in the corporate, financial, environmental, and ethical domains. The fact that we are the first private corporation in Bosnia and Herzegovina that proved to be an acceptable partner to such an institution as the German Development Finance Institution, not only makes our brands even more interesting in the EU market but also serves as an additional motive to persevere in our mission to strengthen Bosnia and Herzegovina’s food industry. On this occasion, I would like to extend my gratitude for the trust placed in our company, as well as for the professional engagement of teams from both sides that participated in the implementation of such an important project. We hope this project is the beginning of long and successful cooperation with DEG” said Rusmir Hrvić President of the Board of Directors of AS Holding.
The benefit of this agreement is not only reflected in the financial merits, but in the fact that this agreement is made with a development institution, and such cooperation is certainly a guarantee of further growth and development of our business, all to standardize business and raise the company’s competitiveness to an even higher level.
” We are glad to accompany Vispak in further growth and for the first time to invest directly in a company in Bosnia and Herzegovina. At the same time, we contribute to market development by promoting higher standards in food processing and quality control, but also in environmentally friendly production,” commented Monika Beck, Member of the Board of Directors of DEG.
This is the third development institution to place trust in AS Holding after similar cooperation with the Development Bank of Austria (OeEB), and cooperation with the European Bank for Reconstruction and Development (EBRD).