Schwarz group takes EUR 180 mln for expansion in Romania, Bulgaria

German retail group Schwarz, which owns the Kaufland and Lidl retail chains, has taken a syndicated loan of EUR 180 million to support its expansion in Romania, Bulgaria and the Republic of Moldova. Of the total amount, EUR 110 million came from the European Bank for Reconstruction and Development (EBRD), reports local Economica.net. The Schwarz group will inaugurate the first retail unit in Moldova this year. Lidl and Kaufland have demonstrated the ability for environmental management, safety and labor protection and the development of their chain stores in harmony with the bank’s principles, according to the EBRD press release. In 2015, the group received a World Bank loan of EUR 350 million to finance expansion in Romania, Serbia, Poland, Bulgaria, and Croatia. Of this amount, EUR 60 million went to the subsidiaries in Romania. Lidl operates over 200 stores in Romania, whereas Kaufland operates 113 stores in the local market. The two retail networks had total sales of over EUR 3 billion in 2015. editor@romania-insider.com