AS Holding is the first BiH private company to establish cooperation with the German Development Bank

(Patria) - Vispak d.d. Visoko, a member of AS Holding, and the German Development Bank DEG - Deutsche Investitions-und Entwicklungsgesellschaft, recently signed a loan agreement in the amount of 12.1 million euros. This makes AS Holding the first private company in Bosnia and Herzegovina to establish cooperation with the German Development Bank. With this agreement, DEG enters Vispak as the sole creditor, and the funds are intended for refinancing as well as capital investments. The funds will be used for the construction of renewable energy sources, specifically for the installation of solar panels on Vispak's business building, as well as for the procurement of new facilities and automation of production processes, from coffee, through powdered products, to chocolates.

With new investments, Vispak will significantly increase and modernize its production capacities, reduce energy costs and CO2 emissions, and further raise standards for establishing and controlling quality.

The agreement was signed on behalf of Vispak by Rusmir Hrvić, President of the Management Board of AS Holding, with the presence of Vispak Director Nina Bijedić Mujanović, and Mirza Kasum, CFO of AS Holding, while the signatories on behalf of DEG were Vice Presidents Irene Stechert and Ruediger Brain (Corporates/Funds Europe/Middle East/Central Asia).

“Vispak and AS Holding look forward to establishing cooperation with DEG as a partner for further expansion of their business, and the signing of this agreement itself is a confirmation of the quality of our Group's operations. It is particularly pleasing that we have fully met the high standards in the corporate, financial, environmental, and ethical domains. The fact that we are the first private corporation in Bosnia and Herzegovina to be an acceptable partner to such an institution as the German Development Bank not only makes our brands even more attractive on the EU market but is also an additional motivation to persevere in our mission of strengthening the Bosnian and Herzegovinian food industry. On this occasion, I would like to thank you for the trust shown, as well as for the professional engagement of the teams from both sides who participated in the realization of such a significant project, which, we hope, is the beginning of a long and successful cooperation with DEG as a partner,” stated Rusmir Hrvić, President of the Management Board of AS Holding.

The benefit of this agreement is not only reflected in financial effects but also in the fact that it is a development bank, and such cooperation is certainly a guarantee of further growth and development of our business, all with the aim of standardizing operations and raising the company's competitiveness to an even higher level.

“We are pleased to support Vispak in its further growth and to invest directly in a company in Bosnia and Herzegovina for the first time. At the same time, we contribute to market development by promoting higher standards in food processing and quality control, as well as environmentally friendly production,” commented Monika Beck, Member of the Management Board of DEG.

This is the third development bank to place its trust in AS Holding, following similar cooperation with the Austrian Development Bank (OeEB) and cooperation with the European Bank for Reconstruction and Development (EBRD).