October 17 (SeeNews) - Romania's EximBank has reached an agreement to lend 14 million euro ($16.4 million) to agricultural equipment maker Maschio-Gaspardo Romania.
The loan will be used to finance both the current business and the company's planned investments, EximBank said in a press release.
Maschio-Gaspardo is developing a 10 million euro investment project for the expansion of its factory in Romania with a new production hall of over 8,600 sq m and new equipment .
"We have chosen Romania as a location for our operations because it gives us easy access to key markets in Central and Eastern Europe and we are determined to continue investing here to strengthen our position on the market," Maschio-Gaspardo Group president Mirco Maschio said.
Italy's Maschio-Gaspardo Group is present in Romania since 2003, through a factory in Chisineu-Cris, Arad county in western Romania, where it makes various tractor equipment and baler presses.
"Romanian agriculture has a huge potential for development but, to exploit it and increase its competitiveness, investments are needed to improve performance, revitalize rural areas and create jobs," EximBank's executive president Traian Halalai said.
Maschio Gaspardo is specialised in the production of agricultural equipment for tillage, seeding, planting, crop protection, landscaping and hay making.
The group employs 1,800 in its ten production plants across the world - seven in Italy and three in Romania, India and China.
($=0.8469 euro)