April 10 (SeeNews) - The European Investment Bank (EIB) will lend 47 million euro ($54 million) to Polish food and soft drinks producer Maspex Group for expansion, modernisation and upgrading of its production plants in Bulgaria, Romania and Poland, the bank said.
EIB is glad to support employment and economic activity in the region by new investment in the food sector that is crucial to continually enhance products and improve manufacturing in the three countries, EIB vice-president Andrew McDowell said in a statement.
The EIB investment will be used mainly for the development of four production facilities in Poland (Lowicz, Lublin, Tychy and Olsztynek), three in Romania (Valenii de Munte, Vatra Dornei and Giurgiu) and one in Bulgaria (Velingrad).
"All these projects enable us to develop our production facilities and implement technologically advanced logistics solutions, which will help us to increase our storage capacity," Rafal Gruszeczka, CFO of Maspex Group, said.
The new investment follows successful cooperation between the bank and Maspex in Poland where in 2016 the EIB provided a 60 million euro loan to upgrade food and drinks production, logistics and storage facilities.
In 2017, Maspex Group, through its subsidiary Tymbark Bulgaria, acquired 99.84% of Bulgarian water bottling company Aquarex-V.
($ = 0.8696 euro)