November 25 (SeeNews) - Croatian pharmaceuticals producer Jadran Galenski Laboratorij (JGL) said it signed a long-term credit agreement worth 280 million kuna ($44 million/37 million euro) with state-owned Croatian Bank for Reconstruction and Development (HBOR).
The financing will be used to support the implementation of the Integra 2020 project, JGL said in a statement earlier this month.
It gave no further details.
JGL said earlier that it plans to invest 373 million kuna in Integra 2020 - the company's new project for sterile pharmaceutical production, research and development, which includes the construction of a new pilot manufacturing plant and a robotic logistics and distribution centre. With the project, JGL plans to increase its capacity for sterile production by 60%.
Founded in 1991, JGL is one of the largest drug makers in Croatia, specialising in the production of sterile nose, eye and ear drop solutions, among others. Its largest markets are Russia and Croatia.
(1 euro = 7.56212 kuna)