Schwarz to expand Lidl chain in Romania
Discount food retailer Schwarz Group will receive EUR50m loan from IFC, a member of the World Bank Group, for the expansion of its Lidl chain of discount grocery stores across Romania.
The group will use IFC's financing to enter new markets, particularly in cities with fewer than 50,000 inhabitants.
The project will also stimulate local private sector activity as Lidl purchases most of its own brand products from local suppliers. The project will enable the firm to implement a series of measures to save energy.
IFC director for global manufacturing, agribusiness and services Atul Mehta said IFC's financing will help increase access to affordable, quality food.
"This is especially important in smaller cities in Romania where there are fewer discount food stores," Mehta said.
Schwarz operates two brands Lidl and Kaufland. The discount retailer has a network of about 10,500 stores in Western, Central and Eastern Europe.
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