OREANDA-NEWS. On July 28, 2008 The EBRD, and JSC Detsky mir-Center signed a 5-year syndicated loan agreement for US50 million, reported the press-centre of Sistema.

Alain Pilloux, EBRD Business Group Director for Russia, said the Bank welcomed Detsky Mir's commitment to ensuring high quality and safety standards for children's goods sold through the chain and hailed the project as one which would help develop an organized retail market in this sub-sector, particularly in the regions of Russia.

"The EBRD's reputation is irreproachable and it finances companies which base their success on good corporate governance and a competent corporate finance policy, as well as high standards of social responsibility and environmental protection. This loan agreement demonstrates our conformity with those standards and provides a good platform for our future expansion.

The loan proceeds will be invested in the expansion of our retail network in 2008. In next few years our target is to keep up current growth rate of Detsky Mir's retail space" - says Maxim Entyakov, CEO of JSC Detsky mir-Center.