$7.4 million Investment Capital for SPAR Georgia

Dutch Development Bank FMO and official licensee of global retail brand SPAR in Georgia signed an investment agreement for $7.4 million capital financing which is to be allocated towards development of SPAR Georgia, rebranding, and opening new stores.

SPAR is a Dutch multinational retail chain and franchise with approximately 12,500 stores in 35 countries around the world, including Georgia. It was founded in the Netherlands in 1932 and since then has become one of the world’s largest retail chain.

On the 19th of June, the new development project was signed by Giorgi Chubinishvili, Managing Director of SPAR Georgia, and Joritt Dingemans, Senior Investment Officer of FMO.

“This investment by FMO will improve our ability to fulfill an obligation given to SPAR International with regards to opening 40 new stores within the next two years,” said Chubinishvili.

FMO has been investing in the private sector in developing countries and emerging markets for more than 45 years with the intention of supporting sustainable private sector development. It offers capital and knowledge to companies, projects and financial institutions.

“We are very proud to know that SPAR Georgia had chosen a strong and effective path to progress on the retail market. This consequently led to us attracting an authoritative institute, such as the Dutch Development Bank,” Chubinishvili concluded with pride.

Nino Melikishvili