The European Bank for Reconstruction and Development (EBRD) has revealed that it has exited its equity investment in Cyprus-based agribusiness group Agri Europe.

In 2013, EBRD has invested €50m to support the expansion of its farming and meat processing operations.

The funding was used towards silo infrastructure, agriculture equipment and working capital financing.

Prior to its equity investment, EBRD offered financial support to Agri Europes agriculture operations in Ukraine with a $7m loan in 2007.

It also arranged a €80m syndicated loan with international banks after the global financial crisis.

EBRD head of agribusiness in central and south-eastern Europe Miljan Zdrale said: “Our equity partnership, cooperation and involvement has produced rewarding results for all parties.

"We are ready more than ever to move forward to the next phase with some larger and possibly more challenging projects.”

"The EBRD’s continuous engagement with the majority shareholder and the company’s management has led to significant improvements in the governance structure, including the functioning of the supervisory and management boards.

“Over the years, the company has grown into the leading and most active player in numerous industries. After our exit, we will remain in close contact and review selected investment proposals, which meet the EBRD’s strategy and transition objectives for the sector and the region with the aim to successfully cooperate on new projects, hopefully in the near future.”

Agri Europe has been active in operating in sugar and meat processing, as well as in farming operations in the Balkan region.

Agri Europe president Miodrag Kostic said: “The EBRD has been supporting the development of the company for ten years. The cooperation started with loan facilities and progressed to an equity investment that lifted our company to a completely new level.

“Working together we made good progress in different areas of business and corporate governance, providing a solid basis for future long-term growth. We believe that together we found a proper balance between the relevant expertise of the EBRD and the vision and entrepreneurship of the company.

“This has been key to the successful cooperation to the present day and we will nurture it in the future as well. In that sense, it can be said that the first phase of cooperation has now finished and we are ready more than ever to move forward to the next phase with some larger and possibly more challenging projects.”

Since 1991, EBRD’s net cumulative commitments are reported to have exceeded €7bn in more than 450 projects in its region of operations.