BUCHAREST (Romania), June 14 (SeeNews) - Raiffeisen Bank said on Monday it has granted a 400,000 euro ($484,563) loan to Romanian clothing manufacturer Braiconf [BSE:BRCR] to finance its current operations.
The loan is guaranteed by state-owned EximBank on behalf of the Romanian state within the framework of a Covid-19 state aid scheme, Raiffeisen Bank said in a press release.
The funds will be used to cover the company's payments to suppliers, taxes to the state budget salaries, as well as for salaries and social insurance for its employees.
"This financing supports us at a very important time for us and will be used for carrying out our activity in optimal conditions. With a history of 70 years, Braiconf is now implementing a new long-term strategy to promote its brand in order to reflect the true value of our products," Braiconf president Silviu Dumitrache said.
Established in 1950, Brainconf manufactures over 800,000 shirts annually, for brands such as Eton, Porsche, Cartier, Harmont & Blane, Hermes, Kenzo and LVMH, at its factory in Braila, eastern Romania.
Braiconf's shares last traded on June 7 at 0.4180 lei on the alternative trading segment AeRO of the BVB.