For this financing, lender EximBank issued guarantees within the COVID-19 state aid scheme it is implementing based on the mandate received from the Romanian State.
The funds, an investment loan of RON10 million and a credit line of RON5 million, will go into the construction of a new industrial unit, the acquisition of machines needed to recycle, repair and reuse some flows of waste collected, as well as for working capital, the two lenders said in a joint statement.
Green PC Ambalaje span off from Iridex Group in 2018, acting as a separate entity specialized in professional waste management services for companies operating in the fields of manufacturing and retail in Romania. The company manages monthly over 7,000 tons of waste of industrial or dangerous packaging from over 150 hypermarkets and 300 other clients (factories, shopping or logistics centers, restaurants) in each Romanian county. The waste collected ends up being recycled and turned again into packaging or electricity.
The Green Ambalaje network currently has nine work points that ensure the collection, sorting and temporary storage of waste. The company’s management expects to expand its network up to 13 work points until the end of 2021, to ensure a complete national coverage. The company has over 280 employees and it ended 2020 with a turnover of RON62.5 million.