July 21 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday it is extending a 10 million euro ($10.2 million) loan to Greece's packaging firm A. Hatzopoulos for green transition investments.
The funding will cover part of the company's 12.5 million investment plan to manufacture more recyclable and sustainable products through the acquisition of new machinery and a research and development (R&D) programme focused on circular economy, the EBRD said in a press release.
Under its investment plan, A. Hatzopoulos intends to produce 100% recyclable products by 2025, the bank added.
The seven-year loan consists of 3.75 million euro of EBRD financing, combined with 6.25 million euro of loans provided under the EBRD’s Greek Recovery and Resilience Facility (RRF) Co-Financing Framework through the Greek Ministry of Finance.
The RRF is implemented as part of the “Greece 2.0” National Recovery and Resilience Plan, funded by the European Union’s NextGenerationEU programme, the EBRD said.
Thessaloniki-based A. Hatzopoulos manufactures flexible packaging for the food, household goods and pharmaceutical industries.
($ = 0.9822 euro)