The Greek store, Jumbo, operates in Greece, Bulgaria, Cyprus, Macedonia and Albania. Also in business news: Croatia will invest around 106 million euros in reviving its national air carrier.
Greece's Jumbo superstore plans to open eight locations in Romania by 2016. [leeadconsulting.com]
Greek toy and household products chain Jumbo plans to enter the Romanian market, looking to open eight stores there by 2016, Romanian media reported on Friday (November 23rd). The firm owns a plot in Bucharest and hopes to be able to open its first stores there in 2014. Jumbo operates in Greece, Bulgaria, Cyprus, Macedonia and Albania.
Russia will grant Serbia a five-year credit line of $800 million, Russia Finance Minister Anton Siluanov announced on Friday (November 23rd). The loan will carry an annual interest rate of 4.1 percent and will be used for the construction of new railways, repair and purchase of engines and other infrastructure investments.
Croatia will invest around 106 million euros in reviving national air carrier Croatia Airlines, Transport Minister Sinisa Hajdas Doncic announced on Wednesday (November 21st). The loss-taking airline is expected to reduce its costs by 41 million euros within the next five years and cut its workforce by 10 percent, the minister said.
Serbia's fiscal deficit is "unsustainably large," while public debt has increased "significantly," the IMF said last week at the end of a week-long mission to Belgrade. Representatives of the fund forecast the Balkan country's economy will contract 2 percent this year amid the ongoing global financial crisis, before moving to a modest recovery in 2013.
The European Investment Bank announced on Monday (November 26th) it is lending 100 million euros to help Serbia banks finance small- and medium-sized enterprises (SMEs) and local infrastructure projects. At least 70 percent of the funds will go to secure cheaper and long-term financing to SMEs, the bank said.
Serbia and Turkey agreed on Monday (November 26th) to strengthen co-operation in the field of economy and agriculture, as well as make efforts to increase mutual trade and investment. The vow was made at a meeting between Serbia Prime Minister Ivica Dacic and Turkey President Abdullah Gul in Ankara.
(Various sources -- 21/11/12-28/11/12)