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BUCHAREST (Romania), October 19 (SeeNews) - The European Investment Bank (EIB) said on Thursday it is lending 7.5 million euro ($8.8 million) to Romanian polyester fibre recycler GreenFiber International to finance a recycling and circular economy project.
The project will contribute to the creation of 280 full-time jobs and will increase the amount of waste collected and processed by over 50,000 tonnes per year, the EIB said in a press release.
"It is very satisfying to see the Investment Plan for Europe enabling GreenFiber to expand its recycling scope. I encourage more Romanian businesses to take advantage of the financial and advisory support offered by the European Investment Bank and the Investment Plan,” European Commission vice-president Jyrki Katainen said.
This operation is backed by the European Fund for Strategic Investments (EFSI) as well.
"I very much welcome that, thanks to the EIB’s support, GreenFiber International SA has the opportunity to contribute to Romania´s transition to a circular economy and to meet Romania’s national recycling targets," Green Group president Clement Hung said.
The loan will also help GreenFiber to increase the collection of recyclable materials and its polyester stable fibre output.
GreenFiber is part of Romanian electric and electronic equipment waste (WEEE) recycling company GreenWEEE International, alongside PET waste recycler GreenTech, used lighting equipment recycling division GreenLamp Reciclare, GreenGlass Recycling and Total Waste Management, which provides integrated solutions with national coverage for collecting a wide range of waste.
In March, GreenWEEE said it plans to invest 8.5 million euro in a new processing plant as well as in upgrade of its existing plant and expansion by the end of 2017.
GreenWEEE International was set up in January 2007 in Buzau and is currently the biggest integrated treatment plant for WEEE in Romania and one of the most modern in Europe.