The European Bank for Reconstruction and Development (EBRD) and the Enterprise Expansion Fund II (ENEF II), under the European Union’s Western Balkans Investment Framework (WBIF), are providing up to €25 million in financing to support Kosovo-based retailer Viva Fresh’s entry into the Albanian market.
The EBRD is lending €22 million, while ENEF II is contributing €3 million to help finance the acquisition of Spar Albania, marking the EBRD’s largest loan to a private company in Kosovo to date.
Following the acquisition, Viva Fresh plans to expand its presence in Albania by opening new stores and refurbishing existing ones.
The loan agreement was signed on the sidelines of the EBRD’s 2025 Annual Meeting and Business Forum by Zsuzsanna Hargitai, Managing Director of the EBRD’s SME Finance and Development Group; Matteo Colangeli, EBRD’s Regional Head for the Western Balkans; Andreea Moraru, Board Member of ENEF II; and Xhevdet Rexhepi, CEO and owner of Viva Fresh.
“We are excited to continue supporting Viva Fresh’s growth and expansion. This financing enables their entry into Albania, where we expect them to bring added value to the modern retail landscape,” Hargitai said in a statement. “The project will help modernise Spar Albania, boosting efficiency and sustainability standards.”
Rexhepi said the deal represented a key step in the company’s regional expansion strategy. “We see strong potential in the Albanian market for modern retail and plan to expand Spar Albania’s network, while offering a more accessible and sustainable shopping experience,” he said.
Moraru described the loan as a milestone for both Viva Fresh and ENEF II, which is making its first co-financing investment with the EBRD in Albania. “ENEF II focuses on high-growth companies in the Western Balkans with strong ESG standards, and we are pleased to support Viva Fresh in this acquisition,” she said.
Viva Fresh has been working with the EBRD since 2015, leading the development of organised modern retail in Kosovo, where it is now a market leader.
ENEF II’s investors include the EBRD, the EU under WBIF, Italy’s Cassa Depositi e Prestiti, Banca Intesa, and Germany’s Kreditanstalt für Wiederaufbau. Managed by the EBRD, the fund targets SMEs and mid-cap firms in the Western Balkans, continuing the work of its predecessor ENEF.
To date, the EBRD has invested over €2.2 billion in Albania through 162 projects and €783 million in Kosovo through 123 projects.