Raiffeisen Bank lends 1.22 mln euro to Romanian toy distributor Noriel Impex

The loan is 90% guaranteed by state-owned EximBank within the framework of a Covid-19 state aid scheme, Raiffeisen Bank said in a press release.

"The financing will help us to support the growth of our activity, in a period in which our liquidity is limited. In parallel with our development on the local market, by expanding the number of customers and by expanding our product portfolio, we turn our attention to foreign markets," Noriel Impex general manager Bogdan Ciungradi said.

The company recently entered into partnerships with a number of distributors in Greece, Serbia and Croatia for the sale of its items, but also for development of products and is currently in talks on potential collaboration with partners from Italy and Mexico, Ciungradi added.

Established in 1995, Noriel Impex is part of toy retail group Noriel, which has 600 employees working in 83 stores across Romania.

(1 euro=4.9212 lei)