Half the amount, EUR5.7 million, will be covered by state aid approved in the fall of 2020.
Electroarges plans to expand its production of household appliance components in Curtea de Arges, creating around 170 new jobs.
The company’s shareholders are called on April 26-27 to approve the extension of a RON18 million credit line and the contracting of a maximum loan of RON47.2 million from Raiffeisen Bank for the state-aid co-financed project.
Electroarges holds a total surface area of 58,411 square meters, of which 34,022 sqm represent the built area, so the new production unit is expected to be developed in its existing compound.
Romania’s government has granted some EUR100 million worth of state aid for six home appliances industry investment projects in the last five years. Electroarges is the sole local player among these.
Electroarges is 36.8% held by Investments Constantin and 12.8% by Tudor Dumitru.