October 29 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is investing 25 million euro ($29 million) in a 350 million euro ESG-linked Schuldschein issuance by German automotive company Fritz Draexlmaier to back investments in Romania, Moldova and North Macedonia.
The bank's financing will go towards e-mobility linked investments in Romania, Moldova and North Macedonia by Fritz Draexlmaier, the EBRD said in a the EBRD said in a project summary document on Thurrsday.
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The financing will support the company in accelerating the implementation of its low-carbon strategy in the three countries trough the development and production of components essential for the electrification of transport, such as high voltage harnesses and battery systems which are used as components for electric vehicles.
Fritz Draexlmaier GmbH & Co. KG is an international automotive supplier with about 65 sites in over 20 countries, employing 75,000 globally.
The German company entered Romania in 1993 and owns production units in Satu Mare, Pitesti, Timisoara, Hunedoara and Brasov. In Moldova, Draexlmaier owns three factories in Balti, Cahul and Chisinau, while in North Macedonia it has been operating a factory in Kavadarci since 2012.
($= 0.8631 euro)