Yerevan /Mediamax/. European Bank for Reconstruction and Development (EBRD) is acquiring## a 28.3 percent-stake in the Armenian meat producer NatFood CJSC (Biella trademark) for $4 million.

As the special correspondent of Mediamax reports from Kiev, this was announced on May 18 during the annual Meeting and Business Forum of EBRD in the capital city of Ukraine.

The funds will be used for expanding business by building new production facilities with state-of-the-art equipment in compliance with international quality standards.

Commenting on the deal, EBRD First Vice President Varel Freeman said the Bank’s acquisition of an equity stake showed “our confidence in our new partner.” “We have been very impressed by the strong performance of the company over the past years and we will now support its further development and strengthening,” he stated.

Armen Khudinyan, CEO of NatFood, stated: “We will also benefit from the Bank’s expertise and know-how in our country and region.”

NatFood was established as a spin-off of the meat processing business of Valletta LLC.

Special correspondent of Mediamax in Kiev notes that the Deputy Minister of Economy of Armenia Vahram Ghushchyan, CEO of “ACBA-Credit Agricole Bank” Stephan Gishyan, Director of “Sovrano” Company Arman Sahakyan and CEO of “NatFood” Armen Khudinyan participated in the discussion of the prospects of economic development of Armenia, which took place within the framework of the annual Meeting of EBRD leaders.